Money permits patronage. Money means power. No wonder details of the crores locked up in NPAs and never repaid loans are top secret, Sunanda K Datta-Ray.
Though there are several laws enabling banks and financial institutions to recover bad loans, the ingenuity of the debtors have always surpassed those of the legislators and the creditors.
P S Jayakumar, managing director and chief executive officer, Bank of Baroda, speaks to Abhijit Lele & Hamsini Karthik about loan recoveries, sounding more confident than a year before.
Jaitley also asked banks to take steps to ensure smooth credit flow to projects.
But it does not mention its views on the government demand to ban these two auditors for five years from business.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
Stating that recent agriculture reforms have opened new opportunities, the RBI Governor said the farm sector is emerging as a bright spot.
Asserting that foreign funds are very bullish on investment opportunities in India, a senior government official said on Friday the country was a profitable place to do business and would soon become an easier place for business.
The RBI, which has been keeping rates at an elevated level citing the high inflation, wants to bring it down to 6 per cent by January 2016.
In a bid to make primary markets more efficient, the Securities and Exchange Board of India on Saturday said listing time gap would be reduced further from 6 days after the IPO currently, while listing will be allowed for security receipts issued by asset reconstruction company.
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
India will need an annual investment of Rs 15 trillion in infrastructure over the next five years, says Chandrajit Banerjee, DG, CII.
India has an urban housing shortage of about 18.7 million units, with 95 per cent of this shortfall in the low-cost housing segment, and 43.7 million in the rural belt.
'If credit is not available, people will postpone buying. That's what has happened.'
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
At India Economic Convention organised by India Foundation, Parekh said the country needs $1 trillion in the 12th Plan of which 47 per cent was to come from private sector, but it has not happened in the first two years of the Plan period.
Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, tells Puneet Wadhwa that with Moody's upgrading India's sovereign rating and earnings growth coming back, the country will remain a hot destination for foreign investors.
As the Centre deals with the fallout of cash shortage in certain parts of the country, Principal Economic Advisor in the finance ministry, Sanjeev Sanyal, bottom, left, tells Arup Roychoudhury that the demand for cash has seen a spike of late.
We should brace ourselves for more bad news in the coming quarters -- on economic output and growth, strains on the fiscal deficit, export slowdown, small and micro enterprises in distress, and further accumulation of NPAs in the banking sector, says Rahul Khullar.
Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones.
Three stockmarket experts give their best picks for the New Year.
Public sector banks' need for capital should be used to make fundamental reforms to their governance and management.
Raghuram Rajan optimistic about passage of GST
The PM blamed the UPA regime for the problems in the banking sector.
In 2018, venture debt providers cumulatively deployed Rs 1,300 crore. This year, the market is expected to absorb venture debt of Rs 1,800 crore to Rs 2,000 crore. So what makes this asset class so attractive?
The rise in government borrowings through bonds is impeding the growth of the corporate debt market in the country.
The consolidated entity can target good growth FY18 onwards, analysts say.
Gross non-performing assets in system have grown to 4.1 per cent in FY14 from 3.4 per cent a year ago
The Union Budget 2016-17 has cheered the NBFC sector
State Bank of India (SBI) chairman Rajnish Kumar, in conversation with Abhijit Lele, also says that the overhang of corporate debt stress will begin to recede in the next two-three quarters.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Raghuram Rajan, said, the scourge of loan losses "had a tendency to increase, get too big to ignore, too late to manage, and push the system into crisis".
Speaking at CNBC TV 18's business leadership awards event, Sitharaman made it clear that she was not expecting a jump in the number either.
The local markets are expected to react to global triggers until the government announces the Union Budget.
Jaitley slammed lack of ethics in certain sections of businesses and said multiple layers of auditing system chose to either look the other way or did a casual job.
IMF said the repercussions from India's currency exchange initiative will likely persist through the first quarter of 2017.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
People in India are increasingly shying away from taking bank loans on account of economic slowdown and scepticism arising out of job uncertainty.
Unions, which are protesting against FDI in the banking sector, are pressing for various demands.
