Top officials of the Reserve Bank of India (RBI) shared their views on the Parliamentary Committee on Tuesday about the economic impact on India due to the fees levied by the Donald Trump administration and said that it would not have much effect on India.
Officials told the committee that India could benefit from long -term by declining business relations between China and the US.
The Public Accounts Committee (PAC), headed by Congress's Lok Sabha MP KC Venugopal, held two meetings on Tuesday. A meeting was held with the top officials of the Reserve Bank while a meeting was held with the Managing Directors of the Financial Services Department (DFS) and some public sector banks. The main theme of both meetings was the improvement in banking.
Reserve Bank Governor Sanjay Malhotra and Deputy Governor Rajeshwar Rao were present in a meeting with the Reserve Bank. At the same time, DFS Secretary and State Bank of India, Indian Bank, Canara Bank, IDBI, Managing Director of Punjab National Bank were present in the meeting. Regarding the fee, the Governor and Deputy Governor of the Reserve Bank said that the central bank is still analyzing the impact, but its approach is positive that it will not have any severe effect. The DFS informed the committee that the government could bring a bill to ban irregular debt activities in the next session of Parliament.
First Published – April 29, 2025 | 10:37 PM IST
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