Financial stability foremost priority: Guv

Mumbai: After announcing a slew of measures centred around ease of doing business and relaxations of norms, RBI Governor Sanjay Malhotra asserted that financial stability is the foremost priority for the central bank. Addressing the customary post-policy review press conference, Malhotra said the RBI is, however, cognizant of ensuring that regulations should not entail a cost which impedes economic growth. He further clarified that “there is no proposal to levy any charge on UPI transactions.” “I do not think that you should see these measures as any kind of relaxation or kind of letting go of sight from financial stability. Stability is foremost for us. “At the same time, we have to be very careful. We have to ensure that we are not in any way impeding growth,” the career bureaucrat-turned-regulator, who had promised to ease the cost of doing business for the financial sector right after taking over earlier this year, said.