-The Indian Express The apex court refused to interfere with the Centre's and Reserve Bank of India (RBI's) decision to not extend the loan moratorium beyond August 31 last year, saying it is a policy decision. Refusing to interfere with the government and RBI’s decision to not extend the loan moratorium period beyond Aug 31, the Supreme Court on Tuesday said it cannot do a judicial review of Centre’s financial policy decision...
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Parliament proceedings -- Banks wrote off ₹1.15 lakh cr. in nine months of FY21: Anurag Thakur
-The Hindu “As per RBI data, scheduled commercial banks (SCBs) have written off loans of ₹2,36,265 crore, ₹2,34,170 crore and ₹1,15,038 crore during FY2018-19, FY2019-20 and the first three-quarters of FY2020-21 respectively,” the Minister said. Banks have written off bad loans to the tune of ₹1.15 lakh crore in the first three-quarters of the current fiscal, the Lok Sabha was informed on March 8. As per RBI guidelines and policy approved by bank...
More »Fiscal transparency jacks up ‘expenditure’ numbers in the Union Budget 2021-22
In order to understand why the Union Budget 2021-22 is being termed as ‘transparent’, it has to be read simultaneously with the 15th Finance Commission Main Report for 2021-26. But first, let us discuss 'fertilizer subsidy'. The budget documents for Union Budget 2021-22 show that the spending on ‘fertilizer subsidy’ was slashed from Rs. 1,33,947 crore in 2020-21 (revised estimate) to Rs. 79,530 crore in 2021-22 (budget estimate). However, the budgetary...
More »Banks red-flag: Loans to street vendors in pandemic turning NPAs -Sandeep Singh and Sunny Verma
-The Indian Express Launched in June to help vendors amid the pandemic, the PM SVANidhi scheme is a micro-credit facility that provides street vendors a collateral-free loan of Rs 10,000 at concessional rates of an estimated 7.25%. After being nudged by municipalities to step up loan disbursements under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) programme, banks are writing back to report that many of these collateral-free loans are turning into...
More »Explained: Balance sheet of a bad bank -Sunny Verma and George Mathew
-The Indian Express As the problem of non-performing assets persists in a sector stressed by the pandemic, the RBI Governor has agreed to look at a proposal for creating a bad bank. What are the arguments for and against the concept? Mumbai, New Delhi: The idea of setting up a bad bank to resolve the growing problem of non-performing assets (NPAs), or loans on which borrowers have defaulted, is back on the...
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