Finance Minister (FM) Arun Jaitley met the Reserve Bank of India (RBI) board on Monday in its customary post-budget meeting. A host of important points ranging from public sector undertaking (PSU) bank merger, rate transmission issue and interim dividend were discussed.Here are the key takeaways from the meeting:
- Jaitley was clear that India needs fewer and mega banks.
- There was a clear signal that despite the fact that elections are around the corner, the public sector banks (PSB) merger policies, that were adopted by the government in 2017, very much remain onboard.
- RBI governor Shaktikanta Das said he will be meeting the public sector bank as well as the private sector bank CEOs to discuss rate cut transmission on February 21.
- Das refused to talk about Kotak Mahindra Bank issue as it is in the court.
- On Yes Bank, he said it was very clear that everyone had to follow the regulatory norms.