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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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FM Mr. Jaitley to move forward on the Financial Sector Legislative Reforms Committee (FSLRC) to adopt Indian Financial Code after talks with stakeholders. The RBI is bitterly opposed to some steps – especially shifting the powers of Governor to a monetary policy committee where the finance ministry has more nominees. Indian Depository Receipts to be revamped. Insurance sector regulations to be improved.


Budget 2014 : Oil and Gas bits

Key to budget subsidies. Gas grid to be built for another 15,000 km, double current level. Royalty rates on minerals to be revised this year.

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