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Nirmala Sitharaman addresses RBI board, explains priorities of govt

The Finance Minister holds customary meeting with the board members of the RBI and Sebi after Budget presentation every year. ....

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FM Sitharaman explains govt priorities in post-Budget address to RBI

Read more about FM Sitharaman explains govt priorities in post-Budget address to RBI on Business Standard. The meeting on Tuesday was chaired by RBI Governor Shaktikanta Das through video conferencing ....

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Will transfer Rs 2.2 lakh crore NPAs to 'bad bank': Financial services secretary

Will transfer Rs 2.2 lakh crore NPAs to ‘bad bank’: Financial services secretary
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Financial services secretary Debasish Panda is responsible for implementing some of the key measures – from privatising two banks and a general insurer to setting up a development financial institution and faster payment of depositors stuck in ailing banks.
Financial services secretary Debasish Panda (File photo)
(This story originally appeared in
on Feb 04, 2021)NEW DELHI: Financial services secretary Debasish Panda is responsible for implementing some of the key measures – from privatising two banks and a general insurer to setting up a development financial institution and faster payment of depositors stuck in ailing banks. ....

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IIFCL may be subsumed into new DFI: DFS Secretary

IIFCL may be subsumed into new DFI: DFS Secretary
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Last Updated: Feb 03, 2021, 07:47 AM IST
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Department of Financial Services secretary Debashish Panda said the proposed DFI would come under the regulatory supervision of the Reserve Bank of India and gradually the government’s stake in the company would be brought down to 26%.
About 7,000 projects have been identified under the NIP with projected investment of a whopping Rs 111 lakh crore during 2020-25.
NEW DELHI: India
Infrastructure Finance Company Ltd (IIFCL) may be subsumed into the proposed development finance institution (DFI) being set up to accelerate infrastructure financing and the private sector will also be able to float such entities, Department of Financial Services secretary Debashish Panda said. ....

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Budget 2021: Bad bank will be a win-win for lenders, says Debasish Panda

On ‘bad bank’
Though commonly known as a bad bank, it is neither bad nor a bank. It’s an ARC-AMC model. If Rs 2.25 trillion worth of stressed assets are sold off through it, then money can be realised and reflect on banks’ balance sheet.
The idea was proposed by the Indian Banks’ Association, and the government decided such an institution was needed as the country grapples with a pandemic.
There are currently three-four ARCs that have the capacity to resolve about 70 assets worth over Rs 500 crore. The ARC would be set up by both public and private banks, and the government will not hold any equity in it. Banks will be able to transfer their assets to the ARC at net book value (value of asset-provisioning done). About 15 per cent would be cash deals and 85 per cent through security receipts. ....

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