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Non-performing property loans are found to lead to banking crises. [32] The need to identify the relationships between macroeconomic factors and NPLs had been crucial for governments and financial institutions to monitor the economy and undertake necessary policies or decisions to control and reduce the number of NPPLs in the financial system.
The banking sector, handling 80% of the flow of money in the economy, needed serious reforms to make it internationally reputable, accelerate the pace of reforms and develop it into a constructive usher of an efficient, vibrant and competitive economy by adequately supporting the country's financial needs. [4]
Maidavolu Narasimham (3 June 1927 – 20 April 2021) was an Indian banker who served as the thirteenth governor of the Reserve Bank of India (RBI) from 2 May 1977 to 30 November 1977. [2] For his contributions to the banking and financial sector in India, he is often referred to as the father of banking reforms in India.
The first bank to use the bad bank strategy was Mellon Bank, [1] which created a bad bank entity in 1988 to hold $1.4 billion of bad loans. [4] Initially, the Federal Reserve was reluctant to issue a charter to the new bank, Grant Street National Bank (in liquidation), but Mellon's CEO, Frank Cahouet, persisted and the regulators eventually agreed.
Goldman Sachs economists have estimated that across-the-board tariffs on Canada and Mexico would imply a 0.7% increase in core inflation and a 0.4% hit to gross domestic product. The bank said in ...
By virtue of the SARFAESI Act 2002, the Reserve Bank of India has the authority to register and regulate Asset Reconstruction Companies (ARCs). Under this act secured creditors (banks or financial institutions) have many rights for enforcement of security interest under section 13 of SARFAESI Act, 2002.
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India. [1] Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in Jammu and Kashmir from 1956.
The supreme court in 2016 took suo muto cognisance of reports of bad debts asking RBI to share publicly names of all defaulters who owe over ₹ 500 crore (equivalent to ₹ 669 crore or US$77 million in 2023), since in 2015 the top ten public sector banks had written off ₹ 40,000 crore (equivalent to ₹ 540 billion or US$6.2 billion in 2023 ...