-PTI New Delhi: The government said demonetisation of high-value currency notes in November 2016 achieved the objectives “quite substantially” even as the Reserve Bank of India reported most of the demonetised currency was back with the Banks. The RBI annual report released on Wednesday said 99.3% of Rs 500 and Rs 1,000 junked notes came back to Banks. “I think demonetisation has achieved its objective quite substantially,” economic affairs secretary Subhash Chandra...
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Mudra loans a big scandal in banking system
-Deccan Chronicle The managers used a part of the 60 per cent amount to repay the Mudra loan for a year and pocketed the rest. New Delhi: The Modi government may have to get battle ready soon for cleaning up the Mudra loan mess that has added to the concerns of the banking system. The plan to create “job creators and not job seekers” by disbursing massive credit to micro and small...
More »Cong piles Gujarat firm heat on Modi
-The Telegraph New Delhi: The Congress on Monday demanded that the State Bank of India declare the Gujarat State Petroleum Corporation bankrupt as it sought to puncture holes into "dream merchant" Narendra Modi's "Mr Clean" image, armed with an RBI circular on Resolution of Stressed Assets. Senior party leader Jairam Ramesh said the February 12 Reserve Bank circular mandated that any company that owed more than Rs 2,000 crore to Banks on...
More »Crunch time for 70 companies as RBI's NPA deadline ends
-The Hindu Business Line After Allahabad HC rebuff, power firms look for govt lifeline Mumbai: About 70 companies with a combined debt of approximately ?3.6-lakh crore face insolvency proceedings, with the deadline imposed by the Reserve Bank of India ending on Monday. These companies did not get any legal relief as the Allahabad High Court declined to stay the RBI’s February circular instructing Banks to take all large accounts above ?2,000 crore...
More »Monthly income per farm household grew between NSSO & NABARD surveys, but so has the level of outstanding loans
A recent report by the National Bank for Agriculture and Rural Development (NABARD) enlightens one about the state of farmers' income and indebtedness in 2015-16. Entitled NABARD All India Rural Financial Inclusion Survey 2016-17 – in short NAFIS 2016-17 – the report says that between 2012-13 and 2015-16 the average monthly income for agricultural households grew by around 39 percent. One may recall that the Key Indicators of Situation Assessment Survey...
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