Urjit Patel may resign as Jaitley’s remarks widen RBI-govt rift
31 October, 2018, 14:31 | Author: Corey Lynch
Reports add that the Central government has invoked some powers mentioned under the RBI Act in order to issue directions to the RBI Governor Urijit Patel.
Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday, sparking a sell-off in the rupee and bonds.
In his strongest criticism of RBI yet, Finance Minister Arun Jaitley on Tuesday had hit out at the central bank for failing to check indiscriminate lending during 2008 and 2014 that has led to the present bad loan or NPA crisis in the banking industry. It added that the government holds extensive consultations with the RBI from time to time, during which is places its assessment on issues and suggests possible solutions, which is not disclosed to the public until a final decision has been taken. "Despite the pain, the regulators are likely to display tough love in the regulatory space to strengthen the financial system", said Radhika Rao, economist at DBS Bank. "This is equally true of all other regulators".
Public sector banks: Following the Nirav Modi-Punjab National Bank case, the RBI and Centre began pointing fingers at each other.
But it was unclear if it had used powers for the first time under the RBI Act to give the bank instructions.
India's $2.6 trillion economy surpassed France's in 2017 to become the world's sixth largest, and is not far behind that of the United Kingdom, according to World Bank data. These letters were on the government's desire for power sector non-performing assets to be reclassified, the issue of the RBI giving dividends to the Centre, and the government's desire for the Prompt Corrective Action norms applicable for certain bank be eased so as to increase lending for the MSME sector, respectively. Former Finance Minister Yashwant Sinha tweeted, "If indeed govt has issued directives to the RBI then its governor should resign forthwith".
"Government of India has never made public the subject matter of those consultations". What is the need to invoke the provision now?
The Economic Times report said that the Section 7 powers had been invoked on issues ranging from liquidity for non-bank finance companies, to capital requirements for weak banks and lending to small- and medium-sized companies.
Earlier, a letter by the All India Reserve Bank Association had said that the deputy governor, Viral Acharya, spoken more "in disgust and despondency" due to continuous nibbling by the government and the finance ministry. However, simmering tensions came to a head on October 26, when RBI Deputy Governor Viral Acharya, speaking at the A D Shroff Memorial Lecture in Mumbai, made a scathing statement against the government.
If any first-party Nintendo title in the world were to boost the Switch into Wii-like numbers, I think it'd be that one. Nintendo revealed that its Nintendo Switch console has sold 22.86 million units worldwide as of September 30.
The 28-year-old outsider fired 26 aces, with his impenetrable service game laying the basis for a surprise win. The Romanian aims for a first title after arriving at Basel without a career win over a top-10 opponent.
After throwing only six pitches of relief in Game 3, Eduardo Rodriguez largely stymied the Dodgers over the first five innings . Nunez got knocked on his back again on the play at first, but stayed in the game as Boston had no one left on its bench.
Ibrahimi said 111 candidates were vying for 11 seats in Parliament from southern Kandahar in Afghanistan's 249-seat chamber. Police said the suicide bomber was on foot and detonated the explosives near the gate of the offices.
Widespread desperation among Gaza's 2 million residents has fueled the participation in the Hamas-orchestrated protests. Israel said its forces were attacked with explosive devices and some demonstrators breached the border.
Mookie Betts put up an MVP-caliber year and has ignited the Red Sox offense through two games of the World Series. Thursday's travel day gives the Red Sox's formidable bullpen a chance to rest and recharge itself.
Both the staff at the facility as well as state authorities are continuous in the efforts to contain the spread of the virus. A ninth child has died in an adenovirus outbreak at a New Jersey rehabilitation center, state health officials said Sunday.
Overall revenue rose 21 percent to $33.74 billion, missing analysts' estimate by about $310 million, according to Refinitiv data. Amazon is quickly morphing into a "profit machine", writes Anthony Chukumbo, a senior analyst at Loop Capital.
A USB-C connector for charging and syncing data, the first time Apple is bringing this charging standard to its iOS devices. As for the desktops, it would make the most sense if there was one new 21-inch iMac, a new 27-inch iMac, and a Mac Mini .
Here are three things we learnt from the match. "I suffer and I suffer even more when I see [Manchester City] play so wonderfully. Zlatan Ibrahimović has continued to roll back the years at LA Galaxy and made a devastating impact in the MLS .
Thiem's Vienna Open run ended by Nishikori
Seeking a ninth title at his hometown event, and a 99th overall, Federer will play 93th-ranked Marius Copil on Sunday. Nishikori still leads Anderson 4-3 in their head-to-head statistics, though he lost both of their matches this year.
Bomb suspect set for Florida court appearance
U.S. justice department officials said the bombs were "not hoax devices " and warned there could be more still undiscovered. According to a 2012 bankruptcy petition filed in Miami , Sayoc resided at the time at his mother's home .
Luis Suarez: 'Our turn to win El Clasico'
The Belgium worldwide has kept only one clean sheet in his last five La Liga matches but will hope to do so against Barcelona . In the group's other match, Tottenham conceded late to draw 2-2 at PSV Eindhoven, leaving both with only one point.
Cavaliers star ruled out vs. Pistons with sore foot
The Cavaliers struggled again in the third quarter as Drummond and Jackson combined to score 15 straight points for the Pistons . James dominated with 28 points, 11 assists and 11 rebounds in his 74th career triple-double - the first with his new team.
Woman's knife attack on kindergarten children in China
Video from the hospital showed adults wailing in grief as children covered in blood were rushed from ambulances into the building. In April of this year, a 28-year-old man killed nine middle school students, claiming later that he had been bullied in school.
Bound Central American migrants on the move in Mexico
She was riding in a motorcycle taxi designed for two with her three children, as well as another mother and her daughter. Every time they stopped to serve, migrants flung their small packs aboard their pickup, hoping to catch a ride.