Power Finance Corporation (PFC) is likely to approach foreign banks for raising a portion of funds required to buy out the centre’s stake in REC as state-owned banks are likely to hit regulatory limits set on exposures to a single entity,
The Indian Banks’ Association (IBA) has asked Reserve Bank of India (RBI) and the government for a six-month exemption on asset classification of loan exposure to the debt-laden IL&FS group, Business Lin
Terming the IL&FS crisis as a regulatory failure, former chief economic advisor to finance minister Arvind Subramanian has said the Reserve Bank should be held responsible for the crisis at one of the largest entities it has been regulating.
RBI Governor Urjit Patel Tuesday committed to a parliamentary committee to give in writing his views on some of the controversial issues, which may include the government citing never-used powers to get the central bank on the discussion table, said sources.
Banks are once again trying to make use of the small window of opportunity to resolve certain accounts facing insolvency proceedings ahead of the Supreme Court hearing on the RBI’s February 12 circular later this week.
The UDAY scheme, given how it slashed the interest burden for state electricity boards (SEBs) and had ambitious targets to reduce their aggregate technical & commercial (ATC) losses, was supposed to be the genuine turnaround plan for the sector.
Dilution of RBI norms for power companies will set dangerous precedent, say experts; SC verdict likely today
The Supreme Court is likely to deliver a verdict today on the clutch of petitions, including from power producers’ association, seeking relaxation of the Reserve Bank of India (RBI) norms that mandate insolvency proceedings in case of debt servicing default beyond 180 days.
After a long six-week hammering, the rupee came out relieved of the pressure from the greenback during the festive season. The relief came from multiple quarters, the foremost being a fall in Brent crude prices to $70 and WTI to $60.
The Reserve of India’s decision to keep interest rates steady on Friday hit forex market hard, as the rupee fell below the 74 mark against the dollar. However, the currency recovered some of the lost ground to settle at 73.77, down 18 paise.
The ministry of new and renewable energy (MNRE) is expected to write to RBI, seeking to bring renewable energy projects under priority sector lending, senior officials said.