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Bankers have said the norms be subsumed within new provisioning rules that will require lenders to pre-empt assessment on potential losses. “RBI is also in the process of finalising the expected credit loss (ECL) based provisioning guidelines,” said a senior bank executive. "So, there is a suggestion that these infrastructure norms be subsumed into those.”
India's central bank has moved around 100 tonnes of gold from the UK to its domestic vaults, with plans to relocate more soon, according to a TOI report. This significant transfer, the first since 1991, addresses logistical and storage diversity concerns. The RBI, which held 822.1 tonnes of gold as of March, coordinated closely with various government bodies and used special aircraft for secure transport
Get latest articles and stories on Business at LatestLY. In an about-turn from the economic liberalisation days of 1991 when India shipped out gold and pledged it overseas to avert a looming financial crisis, the country has now shipped in a little over 100 tonnes of its gold reserves held in the UK. Business News | In About-turn from Economic Liberalisation Days, India Moves in Its Gold to Domestic Vaults.
Economist Sanjeev Sanyal reveals India's shift to holding most gold reserves domestically, highlighting historical and current trends.
The government in 1991 pledged 46.91 tonnes of gold with the Bank of England and the Bank of Japan to raise 4 million dollars between July 4 and 19.