Stock market bubble won't cause any major problem, says Urjit Patel

Stock market bubble will not cause any major problem, Reserve Bank of India (RBI) Governor Urjit Patel said on Saturday. 

Briefing media persons after the customary post-Budget meeting with Finance Minister Arun Jaitley, Patel said RBI and Sebi need to be cognisant of stock market movements. 

However, long-term capital gains (LTCG) tax did not figure in this meeting, but was discussed at a meeting with Sebi, Jaitley said.

Patel said transmission of RBI decisions by banks have improved now, partly aided by demonetisation.

Jaitley said the next financial year would be reasonable for fiscal situation, but oil price movements either way needed to be