With 40% of banks assets, or 32.4% of GDP, riding on this instrument alone, the debate about priority sector lending is not new. There is a new-found urgency to make it fit-for-purpose.
China’s track record managing debt distress has been problematic. It has not signed on to a binding set of rules of the road to avoid unsustainable lending and addressing debt problems.
The move is being seen as another snub to Canada after Justin Trudeau’s recent controversial visit to India.
The growth in the overall economy was thanks to an uptick in agriculture, construction activity and manufacturing.
A report to the central government says Punjab National Bank had debated putting in place safeguards to prevent fraud in 2016, but put no systems in place.
In 15 days, the government will come up with a plan to increase the number of charging stations for electric cars across the country.
There were plenty of systems in place to prevent the Punjab National Bank-Nirav Modi case, but they failed. A blockchain-based system might have been more effective at preventing it.
Despite RBI warnings about the risks of the SWIFT messaging system, these banks have not linked it to their core banking systems.
CBI has arrested and registered a case against Kothari and his family; the total amount of the fraud is alleged to be Rs 3,695 crore.