RBI might take up NPAs worth Rs 8 lakh crore for resolution by 2019: Assocham
New Delhi, Industry body Assocham on Sunday said the Banking Regulation (Amendment) Ordinance has empowered the Reserve Bank of India (RBI) to take up "bad loans worth about Rs 8 lakh crore" for resolution by March 2019.
According to an Assocham study, the move has the potential to bring down the non-performing asset (NPA) levels and "significantly improve" the financial health of banks.
"Somewhat bitter medicine came in the form of the Ordinance promulgated by the President in May," Assocham's Secretary General D.S. Rawat said.
"The government gave wide-ranging legislative powers to the RBI to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans that have reached unacceptably high levels."
In case of a default, the recent Ordinance has authorises RBI to direct lenders for initiating insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.
Further, the law empowers the RBI to set up sector related oversight panels that "will shield bankers" from any action which might be initiated by probe agencies on a later date.
In the past, lenders have been reluctant to resolve NPAs through settlement schemes or to "sell bad loans with hair cuts" to asset reconstruction companies for fear of probe agencies. 
"With the institution of OC (overseeing committee), the top bankers should get some cushion against the 3Cs (CBI, CAG and CVC), since the key decisions which involve taking losses by the banks, would be taken by an institutional mechanism and not one or few individuals," said Assocham's study titled "NPAs Resolution: Light at the end of tunnel by March 2019". 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.


New consumer protection law to be tabled in Parliament
New Delhi, The Consumer Protection Bill, 2017, which aims at strengthening the consumer protection mechanism, is set to be introduced during the monsoon session of Parliament.
The new law, which will replace current Consumer Protection Act, 1986, once it is passed in Parliament, enforces consumer rights and provides a mechanism for redressal of complaints regarding defect in goods and deficiency in services.
According to an official, the draft Bill is pending with the Standing Committee on Food and Consumer Affairs.
"Once the committee approves the draft Bill, it will go to the Cabinet. Subsequently, the government can introduce it in Parliament," said the official, who did not want to be identified. 
The official added that the main objective of the Bill remains establishment of mechanism for consumer protection. However, details about the quantum of punishment are not clear yet. 
It proposes to have Consumer Dispute Redressal Commissions, which will be set up at the district, state and national levels. Also, it seeks formation of Consumer Protection Authority to investigate consumer complaints.
A few months ago, Consumer Affairs Minister Ram Vilas Paswan had approved guidelines in accordance with the current Act in order to make service charge in restaurants "voluntary". 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.



kirtida t ved

2 months ago

Consumer protection is very necessary. Sir, whether areas of cheating by share brokers can be covered. Can discuss in details. My mobile number is 9321029358

The Breakthrough: How an ICIJ Reporter Dug Up the World Bank’s Best Kept Secret

ICIJ reporter Sasha Chavkin had been investigating the World Bank for months when he visited a sweltering military post in Honduras and sat with the colonel. Sasha had heard the Honduran military was violently evicting local peasants to make way for a palm oil plantation — a project funded by the World Bank to boost the local economy. The reporter wanted the colonel to answer for these allegations.

But the man knew far more than Sasha expected. He knew who Sasha had been speaking to, and where he planned to travel next. He’d even sent his troops ahead of Sasha, to await his arrival. “If you go there,” the colonel said, “I can’t guarantee your safety.”

Sasha was scared, but he went anyway.

He was chasing a big story — that the World Bank was complicit in violently displacing people from their lands in order to make way for development projects all over the world. When Sasha got to the village in Honduras, called Panama, he heard about the brutal treatment of the peasants firsthand. Their land had been stolen from them, and a local priest had been murdered. His body — which showed signs of torture — was found under palm leaves on the land now taken over by the plantation.

This treatment wasn’t isolated to Honduras. Sasha found similar stories across the globe. In Ethiopia, he heard from villagers chased from their land by the Ethiopian military. Women reported being raped; others said they were beaten.

It was all part of what Sasha had been told was the World Bank’s biggest secret: Around 2009, the bank had stopped requiring governments to fill out detailed forms with a census of how many people were being displaced and what was being done to help them. Instead, it allowed governments to say that some people might be displaced, and that details on relocation would be worked out later. Often, the World Bank offered no clear plan to help displaced communities at all.

Using extensive data analysis and on-location reporting, Sasha and his team published a series that spans three continents and details how 3.4 million people were forced from their land by World Bank projects. Five days after Sasha and his team sent questions to the World Bank, World Bank President Kim Jong Kim held a press conference. He said the organization had taken a “hard look” at the resettlement policies and that it would be reforming supervision procedures.

The series is called “Evicted and Abandoned,” and today, Sasha talks with us about what he found and how he found it.

Have an idea for an episode? Email us your suggestions at [email protected]

Listen to this podcast on iTunes, SoundCloud or Stitcher.

The music for this podcast is from Podington Bear and? Blue Dot Sessions.?

Courtesy: ProPublica



B. Yerram Raju

2 months ago

Liberty journal has many stories of such displacements caused by World Bank projects in India. Many bureaucrats noticeably get rewards at the hands of World Bank and later speak eloquently on climate change, environmental care and land protection.


Pradeep Kumar M Sreedharan

In Reply to B. Yerram Raju 2 months ago

Sepoys of the East India Company.
Though East India Company dissolved, it's people and capital morphed into various multinationals, and they run the IMF, WB and Bank of International Settlements.

Pradeep Kumar M Sreedharan

2 months ago

By lowering the interest rates, the traditional life style of parents living (saving) for their children vanished. Thus the parent/child sacred relationship, ie the very root of our culture was severed.

About the same time Ilayaraja was taken to London Philharmonic Orchestra and "honoured"(sic). Indian music was never the same after that.
You see "reforms" were implemented in many layers, Govt economic policy wasn't the only one
Look around you will find many.

Then a Gift of the era is AR Rehman.
Also we had Sushmita Sen, Aishwarya, Laura Data and of course dear Sushmita Sen.

Funny, isn't it everything syncs so well?
Now they have pulled out a sagging non-star of yester years, giving her hopes of being an international star. Poor woman
They MMS was used to run the country to dogs.
Once the harvest (loot) was over, they put Modi and Raghuram Rajan there.
But Modi was playing a smarter game, he chucked out Raghuram Rajan, because Raghuram Rajan was "their" agent.

No other statesman in the world of our times has travelled so much and engaged in diplomacy as Modi.
He is playing a very tight rope walk.

Again let us wait for the play to unfold.

It is so difficult to edit our typing here in the tiny window. Forgive errors. What I have written is solely my inferences from the pattern of progress of our history.


Bhuvaneswaran K

In Reply to Pradeep Kumar M Sreedharan 2 months ago

why Ilaiyaraja and ARR feature in ur post..?!! confused..!!!

Pradeep Kumar M Sreedharan

In Reply to Bhuvaneswaran K 2 months ago

Cultural "Reforms" leading to Western Values and value systems.

Pradeep Kumar M Sreedharan

2 months ago

I feel MMS knew well in advance that his policies will drive farmers to suicide.
One doesn't need a doctorate to know that, looking at Africa was enough.

Again there is nothing Maverick about MMS.
All he did was to lower the interest rates (buggering the savers) which drastically changed the culture of the country - from a Savings nation to a spending nation.

So the Economic exuberance we saw after MMS is
the pouring out into the market, decades of painstaking savings by the previous generation.
Again one doesn't need a doctorate to do that, but only to be a cut throat Shylock.

Then the banks started lending for holidays too, or even without any reason at all
That is spending from future.
So when all has been sucked out of past, they went for the future.

Who are these "they "

The game is still in progress. Happy viewing. That is, provided our eyes are open and preferably our minds too.

Sunil Rebello

2 months ago

The bigger you are, the bigger is your stomach and you will find many ways to stisfy your hunger - Murder, Rape, Kidnapping, Torture and Exile.
all done for a few bucks
no ethics or morals because NO GOD IN THEIR LIVES

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