In terms of forex reserves, India is in a better position than many countries of the world – Finance Ministry.

Forex Reserve: The country’s forex reserve currently remains at a historic high. Our country is in a much better position than all the countries of the world in terms of forex reserves, and currently has reached the fourth position in the list of countries which have the highest forex reserves.

Question regarding forex reserve asked in Lok Sabha

The question was asked in the Lok Sabha whether it is true that the foreign reserve of our country is at a historic high and has it reached near 700 billion US dollars? Answering this question, the Finance Ministry said that the foreign reserve of our country has crossed 700 billion US dollars in the month of September, and during the last week of September it was recorded beyond 704 billion US dollars.

India is the fourth country with forex exceeding 700 billion dollars.

The Finance Ministry has said that after China, Japan and Switzerland, India has become the fourth country whose foreign reserves exceed US $ 700 billion.

Information also given on the gold available with the Reserve Bank

In response to the question, it has also been told that our Reserve Bank currently has 854.73 metric tons of gold. Out of this, 510.46 metric tons of gold is kept in the banks of India. The ministry said that according to the data of the month of September, the total value of gold owned by India is 65.75 billion US dollars.

Information also given on asset quality of banks

The Finance Ministry also said that public sector banks are expanding their reach to every corner of the country to increase financial inclusion. Their capital base has strengthened and their asset quality has improved. Now they are able to raise capital from the market instead of depending on the government for capital.

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