RBI board meeting, earnings growth, MF industry, and more
19 November, 2018, 16:13 | Author: Regina Silva
The Reserve Bank of India (RBI) board meeting on November 19 will bring government and central bank nominees face-to-face to discuss disagreements and diffuse the ongoing rift to arrive at a decision on the former's demands.
The RBI board comprises 18 members, of which five are from the central bank, two are government officials, four represent the regional RBI board and seven are independent directors appointed by the government.
On Monday, the Business Standard newspaper cited unnamed sources saying the RBI might agree at the board meeting to remove some banks from a so-called prompt corrective action plan as the government has made commitments to recapitalise them soon.
The mutual fund (MF) industry has sought a meeting with the Securities and Exchange Board of India (Sebi) at the earliest, while seeking clarification on the market regulator's diktat that all scheme-related expenses should be booked in respective schemes.
The Congress has accused the Modi government of destroying every institution in the country and the latest one being the Reserve Bank of India.
"It is understood that the government has decided that it will not issue directions to the RBI...it is felt that there is no need for escalating the tension", said a source.
The report also said that the RBI would stay strict on bad loan norms and wanted the government to commit more for the health of state-run banks.
The RBI's central board now has 18 members, including Governor Urjit Patel and his four deputies as full-time official directors, while the rest have been nominated by the government, including the Economic Affairs and Financial Services Secretaries. The Central bank has Rs 9.6 lakh crore of reserves in the form of contingency fund and forex and gold reserves and securities.
The RBI's central board now has 18 members, though the provision is that it can go up to 21.
The government's other suggestion to transfer excess reserves to the Centre, however, is likely to be decided by an expert committee to be set up by RBI. Globally, PCA kicks in only when banks slip on a single parameter of capital adequacy ratio, and the government is in favour of this practice being adopted for the domestic banking sector as well.
RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.
RBI's total reserves stand at Rs 9.59 lakh crore. Government's fiscal math is completely on track. "And what is even more disturbing is that they perhaps want to use the money in order to give out freebies before the 2019 elections", alleged Congress leader Manish Tewari.
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