RBI board's decisions to be positive for economy: Uday Kotak

Veteran banker, Uday Kotak, welcomed the decisions taken at the Reserve Bank of India's recent board meeting, and said the outcomes will be positive for the economy.

After a nine-hour meeting held on Monday, the board took a slew of steps including a restructuring scheme for MSME borrowers with credit facilities of up to Rs 25 crore and giving banks some concession on capital adequacy norms.

"I am very happy that there are positive outcomes which ultimately help the economy. I am glad that the board had a debate and I respect the judgement of the board," Kotak who is managing director and CEO of Kotak Mahindra Bank told on the sidelines of CII HR conclave.

The RBI board announced plans to set up a committee to examine the economic capital framework (ECF) of RBI.

It also decided to refer the issue of relaxing prompt corrective framework (PCA) for weak banks to the Board for Financial Supervision (BFS) of RBI.

(Agencies)