RBI comfortable on Current Account Deficit

December 03, 2014 08:21 pm | Updated November 16, 2021 05:50 pm IST - Mumbai

 

The Reserve Bank of India (RBI) Deputy Governor H.R. Khan on Wednesday said that the central bank is reasonably comfortable with the present Current Account Deficit (CAD) position of the country.

The central bank is “reasonably comfortable from the current account point of view because of prices of oil,” which is hovering at five-year lows, said Mr. Khan while talking to reporters on the sidelines of ‘National Payments Excellence Awards 2014’ function here.

The Government recently scrapped the 80:20 rule on gold imports, mandating traders to export 20 per cent of all gold imported into the country. He said that a view has been taken in this regard after considering the CAD position into account.

Mr. Khan also said that the RBI is having concerns on e-commerce transactions and would issue guidelines to regulate these transactions.

National Payments Corporation of India (NPCI), the umbrella organization for all retail payments system in the country, has institutionalized ‘National Payments Excellence Awards 2014’ to recognize outstanding achievements in operating various payment systems.

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