RBI Governor says,- We are not police but RBI keeps an eye on the financial market

Reserve Bank of India (RBI) has recently taken action against Navi Finserv, the company owned by Sachin Bansal, and three other NBFCs in the country. Due to this, the RBI Governor, Shaktikanta Das, stated today that the RBI does not work as a policeman. RBI just keeps an eye on the financial market and acts when necessary.

RBI took strict action against Sachin Bansal's Navi Finserv and three other NBFCs on Thursday. These financial institutions will no longer be permitted to approve or disburse any loans after October 21, 2024, per RBI instructions.

"We are not policemen but we watch the financial market very closely. We also take action whenever we feel it is necessary," said Shaktikanta Das during the India Credit Forum hosted by Bloomberg.

On the inflation rate in India, Shaktikanta Das has said that Inflation in the country is in the target range and is expected to come down in the coming time. Besides this, on India's development, he said that India's development story is intact.

The situation makes RBI very keen to observe the development of India, and what overall approach is being followed to reduce inflation.