-Mr. C S Setty, Chairman at SBI & Chairman at IBA
“The RBI policy statement was an authoritative one towards unveiling market reforms and moving beyond the rate actions. The move towards a risk-based deposit insurance premium will facilitate significant improvement in the bottom line of sound banks. The withdrawal of framework related to specified borrowers and allowing of M&A financing by Indian banks are growth accretive and will foster incremental credit flow from banks. Extension of timelines for repatriation from foreign currency accounts of Indian exporters in IFSC and for forex outlay for Merchanting Trade Transactions, besides simplification of reconciliation processes in EDPMS/IDPMS portals, are welcome steps as they will further enhance ease of doing business for the export sector. The measures towards enhancing customer satisfaction and protection, improved use of rupee across cross-border transactions will strengthen the larger financial ecosystem in terms of acceptability and improved currency outlook over medium term.”