Need to educate public about nature of gold investments: RBI Deputy Governor
Reserve Bank deputy governor KC Chakrabarty held that:
- In order to bring down the high import of gold, RBI considers educating and disseminating awareness in the people about the speculative nature of gold investments and that it is not proper investment for the poor.
- RBI is against the implementation of free of cost electronic fund transfer as it believes the plan in commercially unviable
- RBI criticized lenders for attributing their abrupt decrease in profits to migration to system-recognized NPA generation saying this is equivalent to misleading investors.