"The RBI has several instruments to address the sluggishness in the growth momentum," Das told reporters at the customary post-policy conference.
The RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.15 per cent.
Javadekar further said this is the second important measure taken by the government to protect the interest of depositors within a week.
Srei Infrastructure Finance’s decision, at a time when Prime Minister Narendra Modi is banking on private companies to contribute a quarter of a planned $1.5 trillion investment pipeline, highlights the pain non-bank financiers are facing 17 months after the collapse of the IL&FS Group.
The bank had reported a net profit of Rs 246.51 crore in the comparable quarter last year.
During the current quarter, the government refrained from cutting interest rates on small savings schemes, including Public Provident Fund (PPF) and National Savings Certificate (NSC), despite moderating bank deposit rates.
The government will have to first amend the LIC Act of 1956 before taking the Corporation public.
The strike coincides with the beginning of the Budget session of parliament and presentation of Union Budget 2020-21. However, private sector lenders like ICICI Bank and HDFC Bank were operational.
The bank has also decided to withdraw the writ petition filed by it in the Bombay High Court against the RBI. The promoters — Uday Kotak — currently hold 29.96 per cent stake in the company.
Bank Strike Tomorrow on 31st January 2020: The bank strike comes after a meeting with the Chief Labour Commissioner remained inconclusive, PTI quoted AIBOC President Sunil Kumar as saying.
P Chidambaram said nothing that the BJP government will do now will revive the culture of lending that has been “practically destroyed.”
The Reserve Bank of India (RBI) in calendar year 2019 reduced the policy rates by 135 basis points, which was a signal for scheduled commercial banks to follow suit.
The government is planning to expedite the merger of three public sector general insurance companies and an indication to this effect is likely to be announced in the Budget.
Total income grew 15 per cent y-o-y to Rs 7,278.29 crore. However, advances in Q3 fell 2.8 per cent to Rs 1.66 lakh crore.
According to HDFC, total individual loan approvals grew by 15 per cent and disbursements 13 per cent. The average size of individual loans stood at Rs 26.9 lakh.
In addition to reduced slippages, BoB will also look to improve its quarterly recovery rate, which has remained at around Rs 4,000 crore a quarter for the last few quarters.
The mechanism proposed by the Ministry — which is likely to be brought in through a new law — envisages setting up of a Resolution Authority comprising members from financial sector regulators as well as senior government officials as its members.
The new amnesty would enable the Centre to garner big chunks of revenue in FY21, but there is a possibility that it could commence in the current fiscal itself.
BoB’s fresh bad loans shot up 73 per cent sequentially to Rs 10,387 crore and provisions surged 156 per cent year-on-year (y-o-y) to Rs 7,155 crore.
With no charges on non-maintenance of minimum balance, customers can enjoy the benefits of their Pioneer accounts without any worries, IndusInd Bank informed in a BSE filing.