Government devising to legitimize RBI to pact with stressed assets


The government is considering legislation to legitimize the Reserve Bank of India (RBI) in powerful supervision of stressed assets, in tandem with its expansive plan to resolve banks’ bad loans.

The government could issue an authorization enabling the central bank to direct banks on trading with stressed assets as altering the Banking Regulation Act could take time.

Indian banks hold stressed loans of Rs 9.65 trillion (USD 148.41 billion) as of end-december, Santosh gangwar, minister of state for finance, said last month.

banks continue to see sour loans growing, although the step has slowed. Stressed loans consists bad loans and restructured or rolled over loans.

Banks currently face diligence from investigating agencies over stressed assets and the directions issued by the central bank could also look into that, the report added.

Reserve bank of India (RBI) Deputy Governor Viral acharya planned the formation of a private agency or a government asset management individua to purchase and organize the soured loans differently this year. Bankers, were critic as they felt the idea would add more intricacy and delay restructuring.

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Sebi bans Reliance Industries, 12 others from equity derivative market for 1 year


MUMBAI: The Securities and Exchange Board of India (Sebi) on Friday barred Reliance Industries Ltd (RIL), the country’s second most valued firm, and 12 other entities from dealing in equity derivatives futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum in 2007.

The capital markets regulator has also directed RIL to disgorge Rs 447.27 crore along with 12% interest from November 29, 2007 onwards till the date of payment, within 45 days from the date of the order.

Sebi has allowed RIL and the other entities to square off or close out their existing open positions. Reacting to the decision, Reliance said it plans to challenge the order in the Securities Appellate Tribunal. “Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions,” a Reliance spokesperson said in an emailed statement.

“We remain confident of fully justifying the veracity of the transactions and vindicating our stand. We have full confidence in the judicial process and we propose to vigorously exercise all options available to us to challenge the untenable findings in the order.”



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