The Economic Times
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| 14 July, 2020, 03:40 AM IST | E-Paper

    Eight shortlisted for RBI deputy governor post; interview on July 23

    The post had fallen vacant after senior-most deputy governor N S Vishwanathan demitted office three months ahead of his extended tenure on March 31 on health grounds after serving the monetary authority for 39 years.

    RBI seeks extension for Monetary Policy Committee members

    The central bank has written to the Finance Ministry and the letter is under consideration, the officials said, asking not to be identified as the matter is not public. Three of the six-member Monetary Policy Committee are external representatives and their appointment is for a term of four years and they are ineligible for re-appointment, according to rules.

    Economy showing signs of returning to normalcy, medium-term outlook remains uncertain: RBI Gov

    RBI Governor Shaktikanta Das on Saturday said that it is crucial to raise capital and build buffers to ensure credit flow and resilience. Speaking at 7th SBI Banking and Economics Conclave, he also said that Indian economy has started showing signs of normalcy with ease in lockdown restrictions across the country but medium term outlook remains uncertain. Watch!Economy showing signs of returning to normalcy, medium-term outlook remains uncertain: RBI Gov

    RBI asks banks to reclassify MSMEs as per revised criteria

    After 14 years since the MSME Development Act came into existence in 2006, a revision in MSME definition was announced in the Atmanirbhar Bharat package on May 13. As per the revised definition, an enterprise is micro where the investment in plant and machinery or equipment does not exceed Rs 1 crore and turnover does not cross Rs 5 crore.

    Need legally-backed 'resolution corporation' to deal with stressed financial firms: RBI Governor

    The government in August 2017 had introduced the Financial Resolution and Deposit Insurance (FRDI) Bill in Parliament which, among other things, proposed setting up of a resolution corporation.

    Pandemic may lead to higher NPAs, banks need more capital buffer against shocks: RBI Governor

    Covid may lead to higher NPAs and capital erosion of banks, while MFs may turn a stress point, Das has said.

    COVID-19 impact: RBI may opt for loan recast for select sectors

    In 2008 also, when the world was hit by the global financial crisis following Lehman Brothers going insolvent, the RBI had announced a one-time loan restructuring for several sectors to help them tide over the economic woes.

    RBI steps led to reduced rates across the board: Shaktikanta Das

    “The governor and deputy governors briefed the board about the overall macroeconomic conditions – both domestic and global; financial sector situation; and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the Covid-19 pandemic,’’ RBI said in a statement after its board meet.

    RBI board discusses economic situation but silent on loan restructuring

    The RBI release was silent on whether banks' demand for one-time restructuring of loans was discussed at all.

    Govt discussing with RBI on one-time loan rejig for stressed companies

    Union Finance Minister Nirmala Sitharaman on Thursday said the government is discussing with the Reserve Bank of India (RBI) for loan restructuring of companies which are stressed owing to the Covid-19 pandemic. Speaking at a webinar organised by the Chennai International Centre (CIC), Sitharaman said that discussions are on with the RBI on the matter of one-time restructuring of loans.Govt discussing with RBI on one-time loan rejig for stressed companies

    Investors uneasy over RBI stand on round tripping

    Many investors have reached out to the RBI claiming that the regulation is creating a spectre of harassment.

    Govt keeps off RBI's WMA for three consecutive week

    The government refrained from availing WMA since the week ended May 29, for three straight weeks. This is significant considering that the economy has been struggling to pick up activity since the nation-wide lockdown following the COVID Pandemic since end March.

    Former RBI Governor Urjit Patel appointed as NIPFP Chariman

    The appointment indicates a return to the fold of the finance ministry after Patel resigned as RBI governor in 2018 citing personal reasons, with nine months remaining in his term.

    Govt to announce measures to boost demand; fiscal, monetary headroom available: Sanjeev Sanyal

    Principal Economic Adviser says the government will undertake measures to boost demand.

    RBI proposes easier securitisation, loan sale guidelines

    Market participants have time till June 30 give their comments and suggestions to RBI on these guidelines.

    It's time to make GST a 'Good and Simple Tax'

    Removing the clutter and inefficiencies in GST will help raise revenue productivity and collections.

    India’s falling prices give RBI room to ease policy further

    Wholesale prices fell 3.2% last month from a year earlier, the Commerce Ministry said in a statement on Monday. The median of 16 estimates in a Bloomberg survey of economists was for a 1.2% drop.

    Finmin may review capital requirement of PSU banks after second quarter

    The finance ministry may assess the capital requirement of public sector banks after the September quarter as there would be greater clarity about a spike in bad loans by that time.

    Printing money is better than borrowing at high costs: Pronab Sen, director of International Growth Centre India

    "If the stimulus is larger, you will pay a high interest cost, and you are better off printing more money."

    Niti Aayog invites applications for chief economist post

    The period of appointment would be initially up to three years, which can be extended up to five years, depending on the requirements or till the age of 60 years, whichever is earlier. The chief economist will analyse and submit inputs for various Cabinet Notes, SFC/EFC Notes and any other issues received from line ministries.

    Former RBI Governor Urjit Patel appointed as NIPFP Chariman, to replace Vijay Kelkar

    Former Reserve Bank of India (RBI) governor Urijit Patel has been appointed as the chairperson of National Institute of Public Finance and Policy (NIPFP), an official statement said on Friday. Patel will start his four-year tenure on June 22, succeeding former NIPFP chairman, Vijay Laxman Kelkar.Former RBI Governor Urjit Patel appointed as NIPFP Chariman, to replace Vijay Kelkar

    View: Rescue solvent companies but kill off zombies

    The rescue ops will, rightly, save fundamentally productive firms, but also, wrongly, create many zombies.

    EMI moratorium: SC gives 3 days to Centre, RBI to decide on waiver of interest on loans

    The Supreme Court on Friday asked the Finance Ministry and the Reserve Bank of India to hold a meeting within three days to decide on waiver of interest on interest for deferred payments of instalments for loans during the moratorium period announced in wake of the coronavirus-induced lockdown. The court was hearing a plea filed by a Agra resident on the issue. A bench of Justices Ashok Bhushan, S K Kaul and M R Shah said the question is not of waiver of complete interest for entire moratorium period but it is limited only to interest charged on interest by banks.EMI moratorium: SC gives 3 days to Centre, RBI to decide on waiver of interest on loans

    Maharashtra Appellate Authority of Advance Rulings allows input tax credit for companies using vehicles to transport cash to ATMs

    The AAAR said the revenue department’s arguments that money be treated differently from other goods since RBI guidelines are not applicable on other goods, was “devoid of any merit and is not sustainable… erroneous and absurd, and do not merit to be considered.” ET has reviewed a copy of the order.

    Some financial offences like bouncing of cheques may be decriminalised

    “Criminalising procedural lapses and minor non-compliances increases burden on businesses and it is essential that one should re-look at provisions which are merely procedural in nature and do not impact national security or public interest at large,” the DFS said in the statement of reasons explaining the rationale behind the proposed move.

    RBI proposes upper age limit of 70 years for CEOs, whole-time directors of banks

    The discussion paper released by the Reserve Bank of India (RBI) on Thursday said that chief executive officers (CEOs) and whole time directors (WTDs) belonging to the promoter group should pass on the managerial leadership to professionals after ten years.

    Waiver of interest charged during moratorium: SC asks Centre, RBI to hold meet in three days

    A bench of Justices Ashok Bhushan, S K Kaul and M R Shah said the question is not of waiver of complete interest for entire moratorium period but it is limited only to interest charged on interest by banks. It posted the matter for further hearing next week.

    40 bps repo rate cut, negative GDP outlook, says Shaktikanta Das at RBI Gov PC

    The Reserve Bank of India on Friday announced a surprise 40 basis points repo rate cut in an off-cycle policy review. RBI Governor Shaktikanta Das announced the decision of the Monetary Policy Committee at a press conference. He also said that the GDP growth for FY21 is expected to be in negative territory. 40 bps repo rate cut, negative GDP outlook, says Shaktikanta Das at RBI Gov PC

    India very likely to announce another set of fiscal stimulus measures: Fitch

    Fitch Director Sovereign Ratings Thomas Rookmaaker said COVID-19 is still in India and it is "very likely" that the government will have to spend a bit more on fiscal measures to support the economy.

    RBI fortifies war-room with more manpower as COVID-19 rages on

    The RBI has increased the deployed manpower to 150 in its COVID-19 war-room at a secret facility in Mumbai.

    View: RBI sings anthem of hope and faith, above the discordant din on the ground

    The good thing about the monetary policy change is the signal that this is not the time to fret about inflation. While the RBI does raise the possibility of further supply disruptions due to possible lockdown and insufficient production of pulses raising the rate of inflation, it does not see this as an overriding concern.

    Officials push for hike in GST levies

    On Friday, several state finance ministers had blocked a move to increase GST on garments and footwear as part of the proposal to correct the inverted duty structure — where the finished product has lower levies than inputs — on the grounds that this was "not the right time" when businesses are demanding a stimulus.

    RBI may soften restructuring norms after govt's IBC relaxation

    Bankers said the blanket ban on new IBC entries leaves restructuring of loans as the only plausible route to cure default but stringent RBI norms will have to be amended.

    Scope to finetune stimulus package, says EAC-PM member Ashima Goyal

    "The package is not cast-iron...there is scope to finetune the economic package," an EAC-PM member said.

    With a law, India plans lasting ban on cryptos

    New law will deal a blow to investors, exchanges and other entities dealing in virtual currencies.

    Missing India inflation data turns focus to RBI forecast models

    Policymakers will now rely on alternative surveys and in-house forecasting models to make sense of price trends.

    Centre eyes decriminalising cheque bounce, lesser financial offences; seeks public opinion

    The government is looking to reclassify several offences under financial sector laws, including the bouncing of cheques, as civil offences rather than criminal ones to improve the ease of doing business and unclog the courts. These will then be punishable only by monetary penalties, not jail time. The Department of Financial Services has sought public comments on decriminalising 39 sections in 19 acts under its administrative purview including the Banking Regulation Act, the Reserve Bank of India (RBI) Act, the Insurance Act and the Negotiable Instruments Act.Centre eyes decriminalising cheque bounce, lesser financial offences; seeks public opinion

    View: What will the RBI do to stop the domino effect of debt defaults?

    It will be interesting to see how RBI manages the domino effect of debt default once the the moratorium on interest and principal repayment is over.

    Government measures to deal with coronavirus impact 'very positive': Former RBI Governor Bimal Jalan

    Earlier this month, the government announced a Rs 20.97 lakh crore economic package, which included RBI's Rs 8.01 lakh crore worth of liquidity measures.

    View: For its own political safety, if not for India’s economy, GoI must fully open the expenditure tap

    ​​In politics, as in business, the biggest risk could well be not taking one; why is GoI so afraid to spend?

    IBC suspension to provide breathing space to struggling companies: Experts

    Among other things, the Ordinance sought to prevent businesses that are experiencing distress on account of unprecedented situation following lockdown, from being pushed into insolvency under the Code.

    RBI takes it forward from where FM Sitharaman left, announces 40 bps repo rate cut, loan freeze extension

    The RBI has projected negative growth with a pick up in growth impulses in second half.

    Reserve Bank sets up a Rs.500 crore digital payments infra fund

    The central bank has made an initial seed contribution of Rs.250 crore to the PIFD with the other half of the fund expected to be contributed by all card issuing banks and network operators. Fund primarily to be used for development of digital payment infra in rural and north east districts of the country

    Tell govt to take fiscal measures: Chidambaram to RBI governor after fresh cut in repo rate

    "Governor Shaktikanta Das says demand has collapsed, growth in 2020-21 headed toward negative territory. Why is he then infusing more liquidity? He should bluntly tell the government 'Do your duty, take fiscal measures'," the former finance minister said in a tweet.

    Loan moratorium extended, banks' group exposure limit raised, borrowing rules for states relaxed: Key RBI regulatory announcements

    The Reserve Bank of India has announced an extension of the moratorium on loan EMIs by three months, i.e. August 31, 2020, making it a total of six months moratorium on loan EMIs starting from March 1, 2020. The central bank hiked the group exposure limit of banks from 25 per cent to 30 per cent and also eased the rules governing withdrawal from the Consolidated Sinking Fund (CSF) resulting in release of additional Rs 13,300 crore to the states. Watch key regulatory announcements from the RBI governor's Friday presser. (Text: ET Online/PTI)Loan moratorium extended, banks' group exposure limit raised, borrowing rules for states relaxed: Key RBI regulatory announcements

    RBI relaxes rules for withdrawal from CSF; States may get extra Rs 13,300 cr

    State governments maintain a Consolidated Sinking Fund (CSF) with RBI as a buffer for repayment of their liabilities.

    Govt appoints Tarun Bajaj as Director on RBI Central Board

    Bajaj replaces Atanu Chakraborty, who retired on April 30.

    Stimulus package fails to involve banks as frontline warriors in economic revival: RBI's central board member

    Satish Marathe shared a viewpoint from analysts at rating agency Crisil's research wing, which is sceptical about the near-term benefits of the package to make his point. He said the three-month moratorium offered for loan repayments announced by Reserve Bank of India (RBI) is "not enough" and also listed out other expectations for the benefit of the banking sector.

    IBC tweak challenges flagged

    Many lenders, particularly state-owned banks, are not in a hurry to initiate IBC proceedings.

    Bank lending targets under Rs 20 trillion stimulus unfeasible: R Gandhi

    Gandhi, who used to handle the banking regulation function at the central bank, said all the banks put together gave out incremental loans of Rs 6 lakh crore in the entire fiscal year 2019-20, when the growth had not plummeted as it is expected to now.

    IFSC bank units to report all OTC forex deals to CCIL platform from June 1: RBI

    The Reserve Bank has mandated that all OTC foreign exchange, interest rate and credit derivative transactions, both inter-bank and client, will be reported to CCIL's trade reporting platform, according to a notification.

    View: Sharp fall in the latest growth estimates is a wake-up call to GoI to ramp up its stimulus package

    It will be a while before we get back anywhere near the 7-8% growth of the go-go years.

    Economic stimulus package includes Rs 8 lakh crore liquidity measures by RBI: FM Sitharaman

    The stimulus totals to Rs 20.97 lakh crore, she said, adding this also comprises the Rs 1.92 lakh crore package of free foodgrain and cooking gas to poor and cash to some sections announced in March.

    How RBI measures helped democratise fund raising

    RBI policy measures aimed at calming financial markets have brought down funding costs in the corporate bond market to decadal lows.

    RBI announces second set of liquidity measures

    The central bank has also sought to open the funding tap for stretched microfinance institutions (MFIs), ease bad-loan recognition norms, help states borrow more as they seek to cope with Covid-19 containment and provide relief to banks on dividend payments as well as other conditions to free up money and ease liquidity.

    RBI allows banks to maintain lower liquidity ratio

    The central bank has reduced the liquidity coverage ratio (LCR) requirement for banks to 80 per cent from 100 per cent with immediate effect as a relief to these lenders.

    Moratorium option should be for all: RBI

    RBI says moratorium facility should be extended to all unless a borrower chooses to opt out of it. Many banks are offering the option to defer the payment of loan interest and principal only to borrowers who specifically ask for it. The move could put some of the banks with high credit- deposit ratio and NBFCs struggling to roll over liabilities in a spot.

    India's GDP growth may rebound to 5 pc in FY22, says Duvvuri Subbarao

    Indian economy may expand by around 5% in the next financial year,ex-RBI guv Duvvuri Subbarao said.

    Highlights of RBI's monetary statement

    The highlights of the seventh bi-monthly monetary statement for 2019-20 by the RBI amid COVID-19 pandemic.

    PAC will examine lockdown's economic impact; may call RBI governor: Adhir Chowdhury

    Underlining that the PAC should widely examine the Centre's actions and approach in handling the COVID-19 crisis, Chowdhury said, "The panel will study both health and economic aspects of this pandemic."

    Finance Ministry not considering calamity cess on GST

    Ministry sources said that in the present economic scenario during the COVID-19 pandemic, any purported proposal of introducing a calamity cess would be nothing less than an adversity itself. This would prove to be counter-productive, as sales are already at low volume and the industry is facing a deep crisis for want of demand and likely labour challenges, a source said.

    Tamil Nadu forms panel under ex-RBI Governor C Rangarajan to improve fiscal position

    On February 20, 2020, Deputy Chief Minister O Paneerselvam who holds the finance portfolio, announced that an expert committee would be constituted to improve the tax: GSDP ratio of Tamil Nadu.

    Future actions to stimulate economy will depend on how COVID crisis pans out: Nirmala Sitharaman

    The government has already announced a Rs 20.97 lakh crore economic package, which includes Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures till May 17. FM Nirmala Sitharaman said making a "realistic assessment" of economic growth would be difficult at this point of time as there is no clarity on when the pandemic would retreat.

    Raghuram Rajan says migrant workers need money for vegetables, cooking oil, shelter; foodgrains not enough

    India's stimulus is inadequate in providing recovery of an economy pummelled by COVID-19, Rajan said.

    RBI checks rupee’s forward march

    The central bank intervention meant it ended a tad weaker at 74.69 to the dollar.

    View: How many times will the RBI take its horses to water?

    RBI horses around with incentives for banks to buy corporate bonds by offering to not force the banks to mark these bonds to the market, and treat them as being held to maturity. This is a disincentive for active trading. If one bank with a good trading desk makes good profits on corporate bonds, it wants the trading profits recognised, not put into some accounting cubbyhole.

    RBI measures to expand bank credit, boost liquidity: Niti Aayog

    ​​The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled a second set of measures to support the economy hit hard by coronavirus-led slowdown.

    RBI’s liquidity boost: Here are all the major announcements

    The RBI today announced the second tranche of liquidity boost for the economy with a 25 basis point reverse repo cut. The move has been taken to allow banks to lend more. These liquidity measures are over and above the Rs 3.74 lakh liquidity boost announced in the last week of March. The RBI Governor said that the RBI continues to monitor the situation closely.RBI’s liquidity boost: Here are all the major announcements

    Economic situation bleak with few ‘slivers of brightness’: RBI Governor Shaktikanta Das

    Addressing media for a second time within a month, RBI Governor Shaktikanta Das said that the macroeconomic landscape had deteriorated severely in some areas. He also added that India still is among a handful of countries, projecting positive growth. He hoped that robust tractor sales will offset farm labour shortage and a normal monsoon will bode well for rural demand. Economic situation bleak with few ‘slivers of brightness’: RBI Governor Shaktikanta Das

    View: Not all the glitter of cryptocurrency is gold

    The most interesting idea, however, that has emerged recently is that of a fiat cryptocurrency. This seems counter-intuitive. Digital tokens were devised to avoid the centralised payment system.

    RBI opens a separate liquidity window for NBFCs, microfinance firms

    RBI Governor Shaktikanta Das announced Rs 50000 crore targeted long term repo operation (TLTRO 2.0) and mandated banks to invest at least 50% of the fund in investment-grade papers issued by smaller non-bank lenders.

    India Inc should come forward and make investment: MoS Finance Anurag Thakur

    Highlighting a series of reforms, including moderation in corporate tax rate, announced by the government in the last six tears to encourage investment, the minister said that the investment by local companies would instil confidence into foreign companies to put money into India.

    RBI launches latest round of quarterly survey on manufacturing sector

    The RBI has been conducting the OBICUS of the manufacturing sector on a quarterly basis since 2008. The RBI further said that the company level data collected during the survey are treated as confidential and never disclosed.

    RBI announces second tranche of liquidity boost; cuts reverse repo by 25 basis points, Rs 50,000 crore TLTRO 2.0 for NBFCs

    The Governor announced a second tranche of liquidity for NBFCs, refinancing institutions.

    RBI may offer more relief to stressed sectors

    Banking sources said discussions are under way on the possible relief steps.

    Fresh support of only Rs 12-13 lakh cr in PM Modi's economic stimulus: Report

    Prime Minister Narendra Modi outlined a Rs 20-lakh-crore which is 9.7 per cent of GDP support package.

    View: The path of self reliance

    The idea of self-reliance should come with the caveat of key sector focus and not an economy-wide spread. The latter would simply take us back to pre-1980 India. The final pillar of Modi’s agenda for self-reliance, demand, also needs an amendment. The idea should not be to build growth upon domestic demand alone.

    RBI to infuse Rs 3.74 lakh cr liquidity into financial system

    Reserve Bank Governor Shaktikanta Das on Friday said about Rs 3.74 lakh crore liquidity on aggregate basis will be infused into the financial system to deal with the COVID-19 pandemic.RBI to infuse Rs 3.74 lakh cr liquidity into financial system

    Prolonged lockdown may push millions into margins of subsistence: Former RBI Governor Subbarao

    Subbarao asserted that India's economic recovery would be far better than most of the other countries.

    Finance Minister Nirmala Sitharaman's meeting with heads of public sector banks gets deferred

    According to sources, the meeting has been deferred and the new date will be informed shortly. The meeting, to be held via video-conferencing, was to discuss various issues, including credit offtake, as part of efforts to prop up the economy hit by the COVID-19 crisis.

    States get another lifeline from RBI to meet cash-flow mismatches

    State governments who have been facing cash-flow mismatches, get another breather from the Reserve Bank of India, after enhanced limits of liquidity support from the central bank, it has elongated the tenor and frequency of such a facility.

    COVID-19: India needs large fiscal stimulus, says Kaushik Basu

    In an interview to PTI, Basu said inequality in India is already very high and coronavirus pandemic will make it rise further. He also suggested that the government may need monetisation by the Reserve Bank of India.

    RBI liquidity support helps equities, not debt: Report

    Data indicates banks are rebalancing their loan portfolio more towards retail secured lending.

    Raghuram Rajan explains how best to stimulate the economy

    Rajan says ‘monetisation’ is a good option in the short-term and within reasonable limits.

    Timely measures from the central bank helped stabilize the market, says RBI

    RBI deployed several conventional and unconventional tools to restore orderly conditions in financial markets and maintain normal functioning of financial intermediaries.

    View: In the protracted fight against Covid-19, RBI has done all the heavy lifting to date

    The central bank could, instead, have been more forthcoming on regulatory forbearances.

    RBI board debates 90-day NPA cap

    Chandrasekaran is learnt to have suggested that policymakers needed to go the extra mile

    In relief to borrowers and banks, RBI exempts accounts with moratorium benefits from asset recognition norms for 90 days

    On March 27, it had given term-loan borrowers the option of a moratorium on loan repayments for 90 days for the money due in March, April and May with the assurance that it will not affect credit scores.

    View: A data-driven rescue mission for the economy

    ​​The picture for non-listed firms isn’t so good, with leverage rising to 43% from 37% in 2008. The last thing one wants is to make these medium and small firms borrow more and emerge out of the Covid-19 crisis with unsustainable debt levels.

    RBI cuts repo rate by 0.75% to 4.40% amid Covid-19 outbreak

    Reserve Bank of India slashed policy repo rate -- the rate at which RBI lends short term money to banks-- by a massive 75 basis points to 4.40% from 5.15% earlier, keeping in view the current lockdown situation to combat the spread of Covid-19. RBI Governor Shaktikanta Das in a remote address said that the MPC committee advanced their meeting to March 24-March 27 as compared to April1-3 scheduled earlier.RBI cuts repo rate by 0.75% to 4.40% amid Covid-19 outbreak

    RBI joins coronavirus fight with big-bang rate move, EMIs put on hold

    Make no mistake, it is a fight never seen before, Das warned while outlining the risks to Indian economy .

    Banks need to raise capital on anticipatory basis: RBI Governor Shaktikanta Das

    "In such a situation, it has become a lot more important that the banks have to improve their governance, sharpen their risk management skills and banks have to raise capital on an anticipatory basis instead of waiting for a situation to arise. "Proactively, it is necessary for both public and private sector banks to build up adequate capital buffers," Das said at SBI's banking and economic conclave.

    RBI announces more measures to deal with economic fallout of COVID-19

    In a statement, the RBI said presently value of goods or software exports made by the exporters is required to be realised fully and repatriated to the country within a period of 9 months from the date of exports.

    Monetary policy measures not helpful in demand deficient economy: MPC member

    A severe rate cut would not help when the demand in the economy is deficient, instead a fiscal stimulus package from the tax side would help revive the economy, Ghate indicated in the minutes of the March meetings of the monetary policy committee, released by the Reserve Bank on Monday.

    Raise capital on anticipatory basis amid emerging vulnerabilities: RBI Governor to banks

    It is crucial to raise capital and build buffers to ensure credit flow and resilience.

    RBI measures to boost liquidity, incentivise banks to lend more to boost economy: Finance Minister

    Finance Minister Nirmala Sitharaman said that to ease the worries of MSMEs that are in danger of becoming NPA accounts, it has now been decided that the NPA classification norms will exclude the 3-month moratorium window that banks are allowed to give on loan repayments.

    Malpractices force RBI to crack down on loan apps

    The RBI's guidelines come after reports that app-based lenders are using underhand methods for recovery of loans during the lockdown.

    RBI can restructure struggling banks without moratorium

    The ordinance approved on Wednesday also empowers the RBI to bring cooperative banks under its supervisory powers.

    Former Union minister Suresh Prabhu to head forum for promoting cooperative movement

    Seven prominent cooperative leaders would be part of the forum. They are C P Yadav, MP and President of NCUI; U S Awasthi, MD of IFFCO; Dileep Bhai Sanghani, Chairman of NAFSCOB; Jyotindra Mehta, Chairman of NAFCUB; Satish Marathe, Director on RBI Central Board; Mangal Jit Rai, Chairman of NCDFI and Uday Joshi- National General Secretary of Sahakar Bharati.

    Cooperative banks to be brought under RBI supervision

    Urban cooperative banks and multi-state cooperative banks will be brought under the RBI supervision process applicable to commercial banks, Information and Broadcasting Minister Prakash Javadekar said while briefing media about the Cabinet decisions.

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