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Reserve Bank of India (RBI) deputy governor S S Mundra today said that foreign exchange reserves are reasonable to deal with the current market situation.
The country’s foreign exchange reserves declined by $704 million to $354.517 billion in the week to July 3 on account of a fall in foreign currency assets, according to weekly Reserve bank of India (RBI) data.
In the previous reporting week, the reserves had declined by $237.5 million to $355.221 billion after touching a lifetime high of $355.46 in the fortnight ended June 19.
Mundra said that RBI will step up efforts to gather feedback on customer complaints from semi-urban areas. He added that it will soon issue operational norms for working of customer relations officers in banks.
On Maharashtra government's action against bank officers for allegedly failing to meet farm loan targets, he said that RBI is a competent regulator to deal with the banks. He explained that banks are doing reasonable work in giving credit to farmers.
RBI is reviewing some cases of refinance extended under 5×25 scheme, he added.
