Climate change risk have started to impact financial system warns RBI Dy Gov

The Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao on Wednesday emphasized on the need to build capabilities to ensure correct assessment of these risks and put in place suitable adaptation and mitigation measures. Speaking at the International Conference, organised by the Institute of South Asian Studies (ISAS) at the National University of Singapore (NUS), in New Delhi Rao said that climate change risks have started to impact the financial system and are envisaged to pose systemic risks in the coming future. “The climate-specific vulnerabilities’ interplay with real economy and financial sector vulnerabilities can lead to financial stability risks.

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