FM Piyush Goyal in an interview with BTVI’s Executive Editor Siddharth Zarabi talks about tax rebate, assured income for small farmers, 3 banks exiting PCA, bad loans, UPA mess, fiscal health & whether any compulsions exist in NDA coalition.
Various steps taken by the government has helped the banks significantly and as a result three banks -- Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) -- are out of the PCA framework, he said while presenting the Interim Budget for 2019-20.
RBI had in October last year relaxed external commercial borrowing (ECB) policy for IOC, Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) to allow them to raise USD 10 billion in overseas loans for working capital needs.
The former Chief Economic Adviser to the Union Finance Ministry, said that a slightly lower interest rate regime could be beneficial to boost investment and growth.
As SBI's one-stop solution platform 'YONO' for accessing all the banking services digitally remained suspended following the Supreme Court's order on Aadhaar seeding, the bank has sought clarity from the RBI for an alternative solution, a top official said.
Revaluation of gold reserves and a stronger rupee lifted India's foreign exchange (forex) reserves by over $1 billion in the week ended November 2, analysts said.
The GST implementation was a "monumental reform" which had disruptions impact on growth only for two quarters, Finance Minister Arun Jaitley said, hitting out at "critics and cynics" who blame it for hurting the GDP expansion.
Amid the debate surrounding Reserve Bank's autonomy and the government's alleged intervention in its functioning, former RBI Deputy Governor R Gandhi believes it is just difference of opinion.
Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India's economic growth last year, former RBI Governor Raghuram Rajan has said, asserting that the current seven per cent growth rate is not enough to meet the country's needs.
The government said it is not seeking Rs 3.6 lakh crore capital from the Reserve Bank but is only in discussion for fixing appropriate economic capital framework of the central bank.