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“Remain Watchful,” RBI Governor’s Advice To Heads Of Banks Amid Global Headwinds

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Reserve Bank of India Governor Shaktikanta Das chaired meetings with Managing Directors and Chief Executive Officers of public sector banks and certain private sector banks on Wednesday.

Mumbai:  Reserve Bank of India Governor Shaktikanta Das chaired meetings with Managing Directors and Chief Executive Officers of public sector banks and certain private sector banks on Wednesday.

The meetings were also attended by Deputy Governor M. K. Jain along with a few senior officials of the RBI, the central bank said in a statement.

Governor Das acknowledged the crucial role played by the commercial banks in supporting economic growth throughout the turbulent times since the outbreak of the pandemic and the ongoing financial market turmoil.

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Das further stated that despite challenges, the Indian banking sector has remained resilient and continued to improve in various performance parameters.

He advised the banks to remain watchful of the evolving macroeconomic situation, including global spillovers, and take mitigating measures proactively so that the potential impact on their balance sheets is minimised and financial stability risks are contained,” the RBI statement said.

Among other matters, issues relating to lagging growth in deposits vis-a-vis credit growth, asset quality, investments in IT infrastructure, adoption of new-age technology solutions, and functioning of Digital Banking Units were also discussed.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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North Korea Fires Ballistic Missile Into East Sea: Seoul’s Military

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Missile

North Korea fired a short-range ballistic missile towards the East Sea on Thursday, Yonhap News Agency reported citing South Korea’s military.

Seoul:  North Korea fired a short-range ballistic missile towards the East Sea on Thursday, Yonhap News Agency reported citing South Korea’s military.

The Joint Chiefs of Staff (JCS), South Korean Military, said that it has detected the launch and it was from North Korea’s Wonsan area at 10:48 am (local time). The military didn’t give further details.

“While strengthening our monitoring and vigilance, our military is maintaining a full readiness posture in close cooperation with the United States,” the JCS said in a text message sent to reporters.

According to Yonhap News Agency, the launch came shortly after North Korea’s Foreign Minister Choe Son-hui warned that their country will take “fiercer” military actions if the United States sticks to a move to strengthen its “extended deterrence” commitment to regional allies.

Here, extended deterrence refers to America’s pledge to use the full range of its military capabilities, both nuclear and conventional, to defend its allies.

US President Joe Biden reaffirmed that pledge during a trilateral summit with South Korean President Yoon Suk-Yeol and Japanese Prime Minister Fumio Kishida on the margins of the ASEAN summit in Cambodia’s Phnom Penh on Sunday.

“The two leaders (Biden, Kishida) condemned these provocative acts and as well as the DPRK’s continued development of its unlawful weapons of mass destruction and ballistic missile programs,” according to the White House’s readout.

During the meeting, Biden reaffirmed the US “ironclad” commitment to the defence of Japan after North Korea’s ballistic missile tests

Earlier, on November 9, the North fired a short-range ballistic missile into the East Sea.

After North fired a ballistic missile, the Japanese Prime Minister’s office said, “North Korea has launched a suspected ballistic missile. More updates to follow.”

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The Joint Chiefs of Staff (JCS) said it detected a long-range ballistic missile launch from the Sunan area in Pyongyang around 7:40 am (local time). It further announced that the two short-range ballistic missiles (SRBMs) were launched from Kaechon in South Pyongan Province at around 8:39 a.m (local time).

As per the Yonhap News Agency report, the long-range missile covered a distance of around 760 kilometres. The long-range missile flew at a top speed of Mach 15 and two short-range ballistic missiles flew for around 330 kilometres at a maximum height of about 70 kilometres at a top speed of Mach 15, South Korea’s Joint Chief of Staff (JCS) said.

It further announced that South Korea has strengthened their surveillance and vigilance while maintaining a readiness posture in coordination with the United States.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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