INSUBCONTINENT EXCLUSIVE:
The committee is headed by senior Congress leader Veerappa Moily.New Delhi: The Reserve Bank needs more powers to oversee public sector
banks (PSBs), Governor Urjit Patel told a parliamentary panel today amid mounting bad loans in state-run lenders
The RBI governor, who appeared before the Parliamentary Standing Committee of Finance, faced tough questions from lawmakers on bad loans,
bank frauds, cash crunch and other issues, according to sources
Sources said the governor assured the members that steps were being taken to strengthen the system
Regarding PSBs, he told the panel that the RBI has "inadequate" control over them.The governor asked for more powers to control the
government-owned banks, said sources present at the meeting
There are 21 state-owned banks, including State Bank of India
Their combined losses crossed a whopping Rs 87,300 crore in 2017-18 fiscal, topped by scam-tainted Punjab National Bank which took a hit of
Indian Bank posted the highest profit of Rs 1,258.99 crore and Vijaya Bank's profit was Rs 727.02 crore in the fiscal
Gross non-performing assets (NPA) of the entire banking sector stood at Rs 8.31 lakh crore at end-December 2017
Sources further said the RBI governor also answered queries regarding the $2 billion fraud allegedly committed by diamontaire Nirav Modi and
Some members of the committee, headed by senior Congress leader Veerappa Moily, sought to know about the reasons for recent instances of
to strengthen the banking system
the NPA front has been improving.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published
