-The Telegraph By all indications revival in 2020 is not possible The year 2019 has played out on a mixed note. Politically, the general election outcome upheld the popular choice of a majority government. Economically, conditions deteriorated rapidly through the year. In fact, an undercurrent of concern about the economic situation prevailed throughout 2019. This surfaced upfront immediately after the May election and reached a flashpoint by the middle of the...
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-The Indian Express Return of food inflation may not allow RBI to further slash interest rates but opens up room for delayed reform Retail food inflation crossing 10 per cent, the first time in nearly six years, isn’t good news for an economy already mired in a deep slowdown. The suddenness of the increase (from under 3 per cent in August to 10 per cent-plus in November) and the fact that the...
More »SBI under-reported Rs.11,932 crore of bad loans in FY19, finds RBI report
-The Hindu SBI reports Rs.11,932 crore NPA divergence in FY19 The Reserve Bank of India's (RBI’s) inspection report has found out that State Bank of India (SBI) under-reported Rs.11,932 crore of bad loans in FY19, which has pushed the bank to report net loss for the financial year 2018-19. The divergence in net non-performing asset (NPA) was also Rs.11,932 crore, the bank informed the exchanges. According to the RBI, provision requirement for SBI increased...
More »FM Sitharaman says RBI had no objection to electoral bonds issuance by SBI; documents point otherwise -Udit Misra
-The Indian Express It is unclear why the government initially assured the RBI that RBI "alone" will issue electoral bonds as it could not do so under Section 31(3) of RBI Act. On Tuesday, replying to a question in Rajya Sabha raised by DMK’s Tiruchi Siva about what the Reserve Bank’s “indirect” approval to the issuance of electoral bonds meant, Finance Minister Nirmala Sitharaman said: “RBI, being a stakeholder, was involved in...
More »Economic slump: India's rickety bridge over troubled waters -Dev Kar
-TheWire.in Sustaining growth amidst a global economic slowdown would require tackling corruption. Raghuram Rajan, the-then outgoing Governor of the Reserve Bank of India, in an exit interview he granted to Karan Thapar (‘To The Point’, YouTube, September 2, 2016), took satisfaction from the fact that India was “on a more sustainable growth path”. The remark turned out to be premature. Less than two years later, starting the first quarter of FY 18/19, ominous...
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