The banks under PCA are: IDBI Bank, Bank of India, Uco Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank.
The rupee has fallen 3.8 per cent in the current financial year with the dollar exchange rate dropping from 65 to 68.07 from March 28, 2018 to May 15, 2018.
Allahabad Bank was placed under the RBI’s prompt corrective action (PCA) scheme in January. The lender reported a net loss of Rs 3,510 crore in the March quarter of 2017-18.
Vijay Gokhale’s remark comes a day after Nepalese prime minister K P Sharma Oli urged his Indian counterpart Narendra Modi to allow exchange of demonetised high-value Indian currency notes held by the country’s banks and the general public at the earliest.
The RBI had released revised PCA norms last year and said that if a bank reached the level of ‘risk threshold 3’, it could end up as a candidate for amalgamation, reconstruction or even be wound up.
Govt nominees have also been absent from several board meetings of SBI and PNB.
The FAE (first advanced estimates) for 2017-18 released on January 5, 2018 will get crystallised in the Third Revised Estimate to be released on January 29, 2021. As per the practice, the latest estimate overwrites all the previous estimates, the RBI said.
The Reserve Bank of India on Thursday fixed the reference rate of the rupee at 66.6093 against the US dollar and 79.8579 for the euro.
However, it did not indicate when the change on investment in T-bills would come into force. “FPIs are permitted to invest in treasury bills issued by the Central government,” the RBI stated in a circular.
A critical look at why Pakistan’s growth decelerated and what India can learn from it.
The court fixed the matter for further hearing on May 24.
“This will help in further diversification and expansion of financial services to the NRI diaspora,” the bank’s managing director and chief executive Rana Kapoor said.
The MPC noted that there are several uncertainties surrounding the baseline inflation path.
The six-member Monetary Policy Committee (MPC), headed by RBI governor Urijit Patel, had left the benchmark repo rate unchanged for the third time in a row after deliberations on April 4-5
On February 12, 2018, the RBI withdrew all existing stressed asset schemes and the joint lenders forum (JLF) mechanism and banks were told that they must start working on a resolution plan even if an account is overdue by a day.