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The Reserve Bank of India (RBI) Friday expectedly held interest rates for the fourth straight monetary review meeting, drawing comfort from easing food prices after an ungainly spike through the peak monsoon months, and laid out plans to drain surplus systemic liquidity in line with Mint Roads stated monetary policy intentions.
The target was for banks to sell Rs 2 trillion worth of non-performing assets to NARCL, the so-called 'bad bank, by 2021-2022. Only 10 per cent of this has been executed.
As on July 31, about Rs 3.14 lakh crore worth of notes were recalled, the Reserve Bank of India (RBI) said, having announced the withdrawal on May 19. These banknotes, which the RBI said had served the purpose of urgently filling a systemic void caused by the November 2016 currency swap, continue to remain legally valid.
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Indian lenders have yet to train their employees to assess credit risks arising from climate change