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BW Businessworld

Panel Reviews Potential Risks To Financial System: RBI

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A government-appointed panel on financial stability, including incoming Reserve Bank of India (RBI) chief Raghuram Rajan, assessed risks to the financial system at a meeting on Wednesday, the central bank said, without elaborating on any possible measures.

Financial markets have been awaiting word from policymakers on steps to boost inflows and prop up the battered rupee, which touched a record low of 61.80 to the dollar on Tuesday, and stayed within striking distance of that in Wednesday's trade.

Reserve Bank of India (RBI) said in a statement that the panel also expressed concern over the deteriorating asset quality of public sector banks and discussed possible corrective measures.

RBI Governor Duvvuri Subbarao chaired the meeting, which was attended by other financial markets regulators, the statement said. Rajan, who is chief economic adviser to the finance ministry, will assume office as RBI governor next month.