85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The Reserve Bank of India held a conference for the directors on the Boards of Public Sector Banks. The conference was held in New Delhi on Monday.
The RBI Governor Shaktikanta Das inaugurated the conference. ‘Governance in Banks – Driving Sustainable Growth and Stability’ was the theme of the conference. Deputy Governors MK Jain and M Rajeshwar Rao, along with Executive Directors representing the RBI’s Department of Supervision and Department of Regulation, and other senior officials, also participated in the Conference.
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“The Governor acknowledged the role played by the banks in supporting the economy and maintaining resilience along with improved financial performance in the face of several adverse shocks in recent times,” RBI said in the statement.
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Shaktikanta Das exhorted the Directors of banks to further strengthen the governance and assurance functions (risk management, compliance and internal audit) so that the banks are able to identify and mitigate risks at an early stage.
The Governor also emphasized the need for banks to ensure continued financial and operational resilience.
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