The Parliamentary Panel had suo motu decided to examine the non-performing assets of the public sector banks, which touched Rs 3.61 lakh crore at the end of December 2015.
The RBI governor at a luncheon meeting with Chief Minister Mehbooba Mufti discussed a 12-point plan aimed at putting together a stronger financing structure in the J&K.
According to Rajan, most officials realise how complex the system is only after retirement, and an exercise like this will give them a much better sense of the changes required.
The latest available public figures, published by RBI on its website under the RTI Act, are for the period of June-July 2015 and it could not be ascertained whether these three persons are still with the RBI.
Instead of asking Rajan to sugarcoat the truth, policymakers should ensure India doesn’t trip on growth
Commerce Minister Nirmala Sitharaman too had not taken Raghuram Rajan’s remarks lightly, saying better words should have been used
“We should not be very happy down the line when Indian policies affect the rest of the world adversely”, Said Raghuram Rajan
“What’s happening on the NPA front…this becomes loaded with a lot of morality, are these good people, bad people,” said Rajan.
The Basel Committee on Banking Supervision’s guidelines for definition of ‘non-performing exposures’ and ‘forbearance’ seek to harmonise quantitative and qualitative criteria used for credit categorisation.
Rajan, known to have frank views on state of affairs in the Indian and global economy, said “a bunch of good things have happened” in India, but there were “still some things to do”.
Rajan said the RBI prefers to watch new innovations and as the understanding increases, regulations can be evolved.
Reserve Bank Governor Raghuram Rajan Monday said as a regulator the central banks tries to be informed and adaptive when it comes to regulation of new instruments and processes.
In the past, there have been instances of people getting fake e-mails in the name of RBI or Governor promising high returns and winning lottery.
After the meeting, Sinha said, “excellent discussions at the Banks Board Bureau meeting today.” RBI Deputy Governors SS Mundra and R Gandhi were also present on the first day of BBB.
“Our aim in the macro stabilisation is to make the exchange rate less and less an issue that investors have to worry about,” Rajan said.