Tug-of-war: Here's what caused rift between RBI and govt
Updated : October 31, 2018 01:26 PM IST
RBI’s February 12 circular on stressed assets sparked yet another controversy, when the central bank ordered banks to take all large accounts above Rs 2,000 crore into bankruptcy if a resolution plan was not met in 180 days.
The loan fraud which grappled both the banking regulator as well as the government, resulted in RBI governor Urjit Patel seeking additional powers to oversee public sector banks at par with its peer in private sector.
The beleaguered Infrastructure Leasing & Financial Services’ default issue caused rapid selloff in the market. The RBI, however, did not pay any heed to the request of the government to provide relief to the non-banking financial company (NBFC).
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