The Allahabad high court has asked Reserve Bank of India to make its final submissions on the case filed against its circular by power companies while fixing the matter for hearing on Aug 20.
The power companies presented their arguments against the circular on Tuesday. The companies cited the 40th Parliamentary Standing Committee report thatnoted that the outcomes of RBI’s revised ramework with respect to the electricity sector have been disappointing with bank non-performing assets (NPAs) rising.
“The committee express its deep anguish over the situation and expect that RBI should have considered macro issues of electricity sector before finalizing the guidelines as the revised framework of RBI will not help the electricity sector in its revival prospects,” the committee report said. Read More
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