Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Shaktikanta Das Says RBI to Issue Revised NPA Circular Soon

The Supreme Court had Tuesday declared the one-year-old circular as 'ultra vires', in response to a petition by stressed borrowers.

PTI

Updated:April 4, 2019, 1:16 PM IST
facebookTwitterskypewhatsapp
Shaktikanta Das Says RBI to Issue Revised NPA Circular Soon
File photo of RBI Governor Shaktikanta Das.

Mumbai: Governor Shaktikanta Das Thursday said the Reserve Bank will shortly come out with a revised circular for bad loan resolution, after its February 12, 2018 circular was quashed by the Supreme Court.

The Supreme Court had Tuesday declared the one-year-old circular as "ultra vires", in response to a petition by stressed borrowers.

Speaking to reporters at the customary press conference after the announcement of the policy review, Das said the RBI will issue the revised circular for resolution of stressed assets without "undue delay".

He said powers of the central bank under section 35AA of the Banking Regulation Act are not in doubt at all, and the apex court has said they have to be exercised in a

"particular manner". "We have to comply with the Supreme Court order and act accordingly," he said, asserting that the central bank stands committed to resolve stressed assets in a timely manner.

The Supreme Court on Tuesday quashed the stringent RBI circular which mandated banks to recognise even one-day defaults and finding a resolution within 180 days failing which the account in question has to be sent to bankruptcy courts if it is Rs 2,000 crore and above.

A two-judges bench comprising Rohinton Nariman and Vineet Saran came on a petition filed by 34 power companies which alone owe Rs 2.2 lakh crore to banks. Legal and industry experts have voiced concern over the order, stating that there was a marked change in borrowers behaviour after the circular was issued which would now change for the worse.

At the first bi-monthly policy review for fiscal 2020, the monetary policy committee voted for a 0.25 per cent rate cut, its second such action in consecutive policies

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Bandhan Bank 623.70 9.67
HUL 2,064.40 2.49
Infosys 768.30 -2.26
RBL Bank 264.05 1.99
Maruti Suzuki 6,985.75 2.41
Company Price Change %Gain
Bajaj Consumer 195.55 -14.77
Future Life 413.10 2.71
Bandhan Bank 625.05 10.14
Federal Bank 85.40 2.58
Indiabulls Hsg 189.05 -4.47
Top Gainers
Company Price Change %Gain
Eicher Motors 19,199.10 4.75
Vedanta 153.50 3.86
Zee Entertain 250.70 3.21
M&M 583.40 2.59
Hero Motocorp 2,675.70 2.55
Company Price Change %Gain
Vedanta 153.45 3.79
M&M 584.60 2.83
ONGC 138.75 2.63
Hero Motocorp 2,677.90 2.63
Maruti Suzuki 6,987.70 2.47
Top Losers
Company Price Change %Gain
Bharti Airtel 383.65 -2.52
Infosys 768.30 -2.26
Bharti Infratel 256.95 -0.96
JSW Steel 219.65 -0.81
Tata Motors 126.95 -0.70
Company Price Change %Gain
Bharti Airtel 383.55 -2.53
Infosys 767.80 -2.27
Tata Motors 126.95 -0.67
HCL Tech 1,084.10 -0.27
Bajaj Finance 3,880.30 -0.03

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results