Thursday, 21 June, 2018

No question of closing down any public sector bank: Centre & RBI

Strengthen RBI's power over PSU banks: IMF Bad loans may rise to 11.1% by Sept 2018
Laurie Berry | 23 December, 2017, 08:55

The latest move from the BoI comes in the aftermath of the Reserve Bank of India starting a "prompt corrective action" against it for mounting bad loans. It can be noted that since the public sector banks (PSBs) dominate the credit space, lead by SBI, lenders have been engaging SBI Caps, the merchant banking arm of SBI, for both loan appraisals as well as loan restructuring and even project appraisals.

"PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise and is initiated once such thresholds as relating to capital, asset quality etc. are breached", it said. On its part, the RBI clarified that the PCA was undertaken to facilitate the lenders to take corrective measures, including those prescribed by the central bank, in a timely manner, in order to restore their financial health.

Weak banks deserve to be shut, but the government and the RBI have categorically said no such thing will happen.For the past few months, WhatsApp messages are being circulated listing nine public sector banks allegedly on the brink of closure. "Recap, Reforms roadmap for PSBs firmly on track".

Along with further empowering the Reserve Bank of India over PSBs, it has also suggesting increasing the supervisory resources of insurance regulator IRDAI, and enhancing SEBI's oversight of capital markets and financial market infrastructure. "No question of closing down any bank".

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In a filing to stock exchanges, BoI said the RBI has placed it under Prompt Corrective Action Framework, consequent to the onsite inspection under the risk-based supervision model carried out for the year ended March 2017. With this, the number of banks under PCA has risen to 10. On bank reaching the levels of undercapitalized, or significantly undercapitalized, or critically undercapitalized, automatic restrictions, as per provisions of Section 38 of FDI Act, are placed on the concerned bank in respect of (i) payment of capital distributions and management fees, (ii) the growth of assets, (iii) requiring prior approval of certain expansion proposals, (iv) requiring that the FDIC monitor the condition of the bank, and (v) requiring submission of a capital restoration plan.

"India's key banks appear resilient, but the system is subject to considerable vulnerabilities", said the International Monetary Fund in its Financial System Stability Assessment (FSSA) report on India.

Net NPAs also improved to 6.47 percent of net advances for the period under review, down from 7.56 percent a year ago.

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