India's economy is stable amid banking turmoil in America, RBI governor told the latest situation

Reserve Bank of India Governor Shaktikanta Das has said after the collapse of Silicon Valley Bank that the impact of bad inflation was minimal in India and the Indian rupee became the least volatile against other currencies. According to him, the worst phase of inflation is behind. Speaking at the 17th KP Hormis Memorial Lecture organized by Federal Bank, Das said that our external debt is within the purview of management.

Apart from all this, the RBI governor said on the collapse of Silicon Valley Bank in the US, "India's financial sector is stable. He said that RBI has taken steps for risk management, stress testing and hence we have no problem with the rise in dollar."

Indian startups have close to $1 billion deposited in Silicon Valley Bank and are being mentored in various ways to emerge from it. The Indian Minister of State for IT has given suggestions to help them. The minister has asked the local banks to come forward and lend more to them so that the depositors can be paid their money. He suggested that Indian banks could offer deposit-backed credit lines to startups holding funds in SVBs. Startups try to transfer the funds elsewhere as soon as they get control of the bank deposits. The risk coming from this can be reduced.