More Stories

Informist, Wednesday, Oct. 9, 2024

--RBI Das: To create a Climate Risk Information System to bridge data gaps

--RBI Das: To create data repository on climate risk information system

MUMBAI – In a move to address the risks emerging from climate change to the financial system, the Reserve Bank of India has proposed to create the Reserve Bank – Climate Risk Information System to bridge the data gaps, Governor Shaktikanta Das said in his monetary policy statement detailed today. This initiative aims to bridge the existing gaps in high-quality climate-related data, hindering robust climate risk assessments for regulated entities, Das said.

On Sept. 24, speaking at the Nepal Rastra Bank event, Das had said that climate change is emerging as a huge challenge for central banks. If these challenges are not addressed on time, it could become a systemic risk, he said.

"Severe climate or weather-related events which are becoming more frequent and intense can impact central banks' core mandates of price and financial stability by causing sudden price pressures, damage to infrastructure, loss of economic activity and stress on fiscal balances," Das Said. "They can also impact the balance sheet of banks and other lenders."  End

Reported by Vaishali Tyagi

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.