RBI awaiting formal proposal from government on bad bank: Shaktikanta Das Union Finance Minister Nirmala Sitharaman announced the Bad Bank proposal in the Budget 2021 File image of Reserve Bank of India (RBI) Governor Shaktikanta Das Reserve Bank of India (RBI) governor Shaktikanta Das on February 5 said the central bank is awaiting a formal proposal from the government on the proposed bad bank. “We are waiting for the formal proposal from the government,” Das said in a press conference post the monetary policy announcement. In the Union Budget 2021, Finance Minister Nirmala Sitharaman announced the creation of a bad bank, in the form of an asset management company-asset reconstruction company model to absorb the stressed assets in the banking system.