After bankers and NBFCs RBI governor Shaktikanta Das to meet industry lobby groups

Mumbai: Reserve Bank Governor Shaktikanta Das Wednesday said he will be meeting industry lobby groupings on Thursday.

Das has already met the heads of state-run banks in two installments, private sector bankers, non-bank lenders and associations of small businesses since taking over in December.

"Will meet the apex chambers/associations of industry and commerce tomorrow (17 January)," Das wrote on the microblogging website Twitter.

It can be noted that till a few years ago, the RBI had a structured practice of meeting industry lobby groupings like CII or FICCI.

 After bankers and NBFCs RBI governor Shaktikanta Das to meet industry lobby groups

Shaktikanta Das, RBI Governor. Reuters image.

Das had hinted towards a more conciliatory approach, taking the views of all the key stakeholders on board, hours after assuming charge following the surprise resignation of his predecessor Urjit Patel.

In the run-up to Patel's resignation last month, multiple stakeholders, including government ministers, had complained about the RBI not listening to industry concerns.

Roads minister Nitin Gadkari had publicly said that RBI's notifications are hampering financial closure for projects and appealed for a relook at the practices.

The 12 February circular last year, which redefines bad asset recognition by asking lenders to classify an asset as bad for a single day's default and stresses on quicker resolution, has also been one of the areas of concern especially for the large borrowers.

Provisions in the circular proved to be one of the driving factors which had led the Government to invoke the never used Section 7 of the RBI Act to direct the central bank to take certain discussions for the public good.

The Government also wants special dispensation to the power sector, which the RBI is uneasy with.

Even as the central bank had decided to end the practice of forbearances, it has initiated a scheme on board direction for Micro, Small and Medium Enterprises (MSMEs) having borrowings under Rs 25 crore after Das took over.

 

 

To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.

To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.

Your guide to the latest cricket World Cup stories, analysis, reports, opinions, live updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Follow us on Twitter and Instagram or like our Facebook page for updates throughout the ongoing event in England and Wales.

Updated Date: Jan 16, 2019 16:18:36 IST