RBI has wide ranging powers to deal with various situations facing banks: Govt
Team Udayavani, Jul 24, 2018, 5:04 PM IST
New Delhi: The Reserve Bank has “wide-ranging and comprehensive” powers to address various situations in banks, the government said today against the backdrop of RBI Governor seeking greater say in dealing with bad loans of public sector banks (PSBs).
Listing out RBI’s powers to deal with banks, Minister of State for Finance Shiv Pratap Shukla said the central bank can inspect the lenders, examine on oath any officer, direct special audit and give directions to banks.
Also, whole-time directors of nationalised banks and State Bank of India are appointed in consultation with the RBI, he said in a written reply in the Rajya Sabha.
“…the powers of RBI are wide-ranging and comprehensive to deal with various situations that may emerge in all banks, including public sector banks,” he said.
RBI Governor Urjit Patel in his presentation before the Parliamentary Standing Committee on Finance had last week pitched for more powers saying that the central bank has “inadequate” control over state-owned lenders.
Replying to another question on whether less money was being put in ATMs after the demonetisation, Shukla replied in negative.
RBI has informed that the total amount of Notes in Circulation (NIC) as on July 18, 2018 was Rs 19.28 lakh crore as compared to Rs 17.74 lakh crore as on November 4, 2016, he said.
“RBI has ensured adequate supply of notes to meet the cash requirement of public and the currency supply is monitored continuously to ensure distribution of adequate currency to various parts of the country,” he said.
The government, he added, has requested all banks to efficiently manage the cash to ensure that adequate cash is available for ATMs and people do not face any problems.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Godrej family split: Adi, brother to keep listed firms; cousin Jamshyd to get unlisted companies & land bank
Sebi takes measures to curb front running, insider trading in mutual funds
Markets wipe out early gains on fag-end sell-off; Nifty slips from record
Sebi asks NSE to asses Linde India’s related party transactions
Nifty hits all-time high; Sensex nears lifetime peak
MUST WATCH
Latest Additions
Bomb threat appears to be hoax; no need to panic: MHA
Harvey Weinstein to face new trial after NY rape conviction overturned
‘BJP put lives at stake…’, claims Akhilesh amid Covishield side-effect row
‘Bigg Boss’ fame transgender contestant Tamanna to take on Pawan Kalyan in Pithapuram
Firing outside Salman Khan’s home: Police probing whether anti-national elements outside India helping Bishnoi gang