-The Hindu * When does the Reserve Bank of India intervene, and what are some of the key steps it takes? The story so far: On November 17, the Centre, acting on the recommendation of the Reserve Bank of India (RBI), imposed a moratorium on Lakshmi Vilas Bank (LVB) for a period of 30 days. The 94-year-old bank, based in Karur, Tamil Nadu, has been struggling with losses for three years. As...
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A development that will hardly put India at ease -R Nagaraj
-The Hindu The World Bank’s decision to halt its annual ‘Doing Business’ report on data authenticity issues has major implications On Thursday, the World Bank halted its annual publication, ‘Doing Business’ report, as it detected irregularities of data for a few countries. A World Bank Press release of August 27 said: “The integrity and impartiality of our data and analysis is paramount and so we are immediately taking the following actions. We...
More »Bank, Boom, Bust -George Mathew, Sunny Verma & Sandeep Singh
-The Indian Express In 2004, a former bank executive started his own bank. As it grew, courting corporates, lending aggressively and dodging referees, the bad loans grew too. Until one day, the bank went belly up. The Indian Express on how the story of YES Bank and Rana Kapoor is of warning bells that went unheard. After providing services to YES Bank for years, a vendor was keen to terminate the contract....
More »Why capping withdrawals from YES Bank is a terrible idea - P Vaidyanathan Iyer
-The Indian Express Capping withdrawals for YES Bank depositors is foolish for two specific reasons, particularly when the economy is floundering with growth rates of around 5%. On March 5, the RBI imposed a cap of Rs 50,000 on withdrawals by YES Bank depositors. A day later, Finance Minister Nirmala Sitharaman assured depositors that their money was safe. In the days and weeks running up to the RBI decision to supersede the Yes...
More »Government, RBI didn’t bother to read the balance sheet of YES Bank, says Chidambaram -Sobhana K Nair
-The Hindu It is only part of mismanagement of financial institutions under BJP government watch, says ex-Finance Minister The government and the RBI didn’t bother to read the balance sheet of the YES Bank, former Finance Minister P. Chidambaram said pointing out to the unusual growth in the loan book at the rate of 35% a year between March 2014 to March 2019. The loan book registered registered a spike especially in 2016-17...
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