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  • Seeking a temporary forebearance of about a year, Mr Marathe requested prime minister Narendra Modi to "keep in abeyance, all norms relating to income recognition and assets classification, provisioning and downgrade of borrowal accounts, reporting to credit information companies for all accounts that must have got classified as NPAs during the just concluded financial year 2019-2020".

    India's central bank took control of the country's fifth-largest private sector lender Yes Bank on Thursday and imposed limits on withdrawal...

    Mumbai, Jan 29 () The Reserve Bank of India (RBI) on Wednesday appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC), the highest interest rate setting body.

    The channels of communication with outside stakeholders have opened up ever since Das took over as RBI guv.

    The Bombay High Court has refused to grant an interim stay on operation of the order passed by the Reserve Bank of India cancelling the license of the CKP Co-op Bank and observed that there was no fundamental error in the decision.

    Under the reconstruction scheme, which came into effect from March 14, RBI can appoint one or more persons as additional directors on the board of Yes Bank. On March 5, the RBI had superseded the board of Yes Bank and appointed Prashant Kumar, ex-DMD and CFO of SBI, as the administrator. The RBI-imposed moratorium was lifted on March 18.

    The central bank noted that changing financial market landscape arose a need to relook at these regulations since the broad policy relating to ownership and control in private lenders has been guided by the framework issued way back in February 2005.

    MPC will continue with the accommodative stance as long as it is necessary, says RBI.

    The Central Board of Directors of the RBI at its 582nd meeting reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank. The board recommended aligning the financial year of RBI, currently July-June, with the government's fiscal year (April-March) from the year 2020-21. It approved forwarding a proposal to the government for its consideration, the RBI said in the statement.

    Losses suffered by PNB, irregularities by IL&FS, PMC bank were some of the issues Das was confronted with.

    The Development Commissioner of GIFT SEZ along with GIFT SEZ authorities met up with all the members of unit approval committee via teleconference. All the application documents and the details were submitted online by the units, with the entire agenda prepared and circulated online to all the committee members.

    Industry body CII president Vikram Kirloskar's remarks come against the backdrop of mounting concerns that companies, including in India, could resort to retrenchment due to sluggish demand and various restrictions in place to curb spreading of the coronavirus infection.

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