New Delhi: State Bank of India (SBI) and Indian Banks Association (IBA) Chairman CS Setty on Wednesday said the RBI policy statement was an authoritative one towards unveiling of market reforms and moving beyond rate actions. The move towards a risk-based deposit insurance premium will facilitate significant improvement in the bottom line of sound banks.

“The withdrawal of framework related to specified borrowers and allowing of M&A financing by Indian banks are growth accretive and will foster incremental credit flow from banks,” Setty said in a statement.

Extension of timelines for repatriation from foreign currency accounts of Indian exporters in IFSC and for forex outlay for Merchanting Trade Transactions, besides simplification of reconciliation processes in EDPMS/IDPMS portals, are welcome steps as they will further enhance ease of doing business for the export sector, he further stated.