“I want to tell the banks that, investing in homes and land is the safest form of investment. Safest investment is land, and safest invest is house, because houses will not go to London.”
The RBI estimate has not taken into account farm loan waivers announced by various state governments like Uttar Pradesh, Maharashtra and Punjab.
The expansion follows promulgation of the Banking Regulation (Amendment) Ordinance, 2017 last month. The ordinance had outlined the reconstitution of the OC with an expanded mandate. The OC was originally constituted by the Indian Banks Association in consultation with the RBI.
RBI has asked banks to find solution for 55 identified NPA accounts within 6 months otherwise the central bank would examine those cases and refer for resolution under the Insolvency and Bankruptcy Code (IBC), official sources said.
The meeting was chaired by PM’s additional principal secretary P K Mishra and attended by senior officials, including financial services secretary Anjuly Chib Duggal and corporate affairs secretary Tapan Ray.
Amtek Auto's scrip dived 19.97 per cent to close at Rs 23.45 and Bhushan Steel tanked 16.16 per cent to Rs 58.90 on the BSE.
Informally, the finance ministry has sounded them that they should study the possibility for mergers and acquisitions so as to acquire scale and size of State Bank of India, the sources said.
The process of NPA resolution and capitalisation are closely associated, Mundra said, adding that banks may need additional capitalisation post the exercise.
The corresponding rates were 64.2801 and 72.1094, on June 15, 2017.
According to the Reserve Bank of India, the widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit ($29.7 billion) brought about by a larger increase in merchandise imports relative to exports.
Sahoo said that there is a thinking within the government to increase the number of benches and there is also a possibility that they may have dedicated benches for insolvency cases.
4th bank after IDBI Bank, UCO Bank & Dena Bank to be put under RBI’s PCA
The proposed law can benefit a large number of retail depositors because the Bill not only aims to strengthen and streamline the current framework of deposit insurance, but also seeks to decrease the time and costs involved in resolving distressed financial entities.
"The number of counterfeit currency reports (CCRs) increased from a mere 8,580 in 2007-08 to 35,730 in 2008-09 and 3,53,837 in 2014-15," said the report.
Indian bank shares edged higher on Wednesday after the central bank said it had identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them, without disclosing any account names. Top lender State Bank of India was trading up 0.2 percent by 0356 GMT, having risen as much as […]
25% of total NPA in these accounts with overdue above Rs 5,000 crore each.
Reserve Bank of India constituted BCSBI said it is a matter of concern that the overall average score, based on five parameters, has fallen from 78 to 77 compared with 2015 survey.
The offer document placed before the institutional investors further said the bank "may also incur additional costs" towards integrating operations and harmonising functions pursuant to the merger.
Union Finance Minister Arun Jaitley hinted that a solution for bank consolidation is coming very soon.
Toxic loans of PSUs rose by over Rs 1 lakh crore to Rs 6.06 lakh crore during April-December of 2016-17, the bulk of which came from power, steel, road infrastructure and textile sectors.
On Thursday, the rupee had appreciated by 12 paise against the American currency to end at a three-week high of 64.21 on sustained dollar selling by exporters and banks.
Depressing economic activity due to low capacity utilisation, says Acharya
Consumption growth in India has remained strong; if monsoon turns out good, rural demand will further get impetus, leading to higher consumption demand
Despite inflation moderating sharply in April, the Monetary Policy Committee (MPC) decided to leave policy rate unchanged as a "premature action at this stage risks disruptive policy reversals later and the loss of credibility".
BSE Bankex rose 0.73% to hit record high; auto index too rose 0.70%
His remarks come in the backdrop of a slew of farm loan waivers granted or promised by various state governments in the run-up to the 2019 Lok Sabha elections in the country.
The RBI also projected that inflation will remain in the 2 to 3.5 per cent range for the first half of 2017-18 and in the 3.5 to 4.5 per cent for second half.
Investors have begun pricing in a softer tone from the RBI, with benchmark 10-year bond yields down about 35 basis points since hitting an over 7-month high on May 2. Some bolder investors are even betting on possible future rate cuts.
Credit to agriculture & allied activities increases 8% as against 15% a year ago
The bank said it may offer a discount of not more than 5 per cent to the floor price.
"We have now relooked at the whole system and there are some institutions within the public sector banks which can be consolidated even in the present circumstances. We are seriously examining them," said Arun Jaitley.
Industry has been pitching for a rate cut to boost GDP growth which fell to 7.1 per cent in 2016-17, from 8 per cent in the previous fiscal.
Even as the World Bank has revised India's growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.
The All India Bank Employees Association (AIBEA) has written a letter to the PM seeking his intervention in the appointment of workman/officer directors.
The six-member MPC headed by RBI Governor Urjit Patel will meet on June 6 and 7 for the Second Bi-monthly Monetary Policy Statement for 2017-18.
Bank of Baroda and Central Bank of India plans to raise Rs 6,000 crore and Rs 65,000 crore from capital markets, respectively.