GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Important for India to Address Banking Crisis to Support Investment: IMF

IMF Spokesman Gerry Rice said authorities have made progress in addressing the stock of non-performing assets and were taking further measures to deal with the flow problem.

PTI

Updated:June 8, 2018, 8:58 AM IST
facebookTwittergoogleskypewhatsapp
Important for India to Address Banking Crisis to Support Investment: IMF
File photo IMF Headquarters. (Image: Reuters)
Loading...
Washington: The International Monetary Fund (IMF) on Friday said addressing the ongoing crisis in the banking sector was important for India to support investment and inclusive growth agenda.

"Addressing the banking sector balance sheet issues and improving the performance of particular public sector banks is a very important issue for India to support investment and its inclusive growth agenda," IMF Spokesman Gerry Rice told reporters at his bi-weekly news conference.

Responding to a question on India's banking crisis, he said the authorities have made progress in addressing the stock of non-performing assets and were taking further measures to deal with the flow problem.

"These steps include the recognition of these non-performing assets, the resolution framework under the Insolvency and Bankruptcy Code. It's in an early stage, but we think that's an encouraging development," Rice said.

He said it was a positive step as a more proactive approach was being taken to identify and closely monitor asset quality issues.

These needs to be complemented by further governance reforms in this area, especially regarding the public-sector banks to materially improve risk management and operations, he added.

"But we welcome the authority's intention to make public sector bank recapitalisation contingent on measures to strengthen governance and operations and encourage the accelerating implementation of the ongoing reforms," Rice said.
| Edited by: Nitya Thirumalai
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 788.65 -13.08
Reliance 1,151.30 -1.07
Infosys 705.35 1.45
Dewan Housing 235.90 -12.24
Yes Bank 231.90 -6.83
Company Price Change %Gain
Reliance 1,148.90 -1.27
Indiabulls Hsg 788.85 -13.17
La Opala RG 215.25 0.00
Dewan Housing 236.30 -12.34
Infosys 704.50 1.16
Top Gainers
Company Price Change %Gain
HCL Tech 1,024.25 2.08
Infosys 705.35 1.45
ITC 286.45 1.34
Wipro 323.15 1.29
Coal India 279.90 1.27
Company Price Change %Gain
ITC 286.35 1.34
Wipro 324.00 1.20
Infosys 704.50 1.16
Coal India 279.65 1.14
HUL 1,561.05 1.08
Top Losers
Company Price Change %Gain
Indiabulls Hsg 788.65 -13.08
Bajaj Finance 2,150.50 -6.86
Yes Bank 231.90 -6.83
Adani Ports 313.90 -5.83
BPCL 285.15 -5.61
Company Price Change %Gain
Yes Bank 231.75 -6.85
Adani Ports 314.30 -5.62
Maruti Suzuki 6,878.70 -3.79
Tata Motors 179.20 -3.40
Tata Steel 554.65 -3.39

Live TV

Loading...
Loading...