The report acknowledges robust loan growth in the services sector, although the Reserve Bank of India's (RBI) crackdown has slowed loans to Non-Banking Financial Companies
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Swaminathan J says that there is a need for long-term solutions that address the root causes of the problem
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PNB became the fifth bank to be penalised, with a penalty of Rs 1.31 crore which was imposed for non-compliance with RBI directions
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"The Indian economy and the financial system remain robust and resilient, anchored by macroeconomic and financial stability," says RBI
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RBI governor Shaktikanta Das said, Price stability is the bedrock for high and sustainable growth therefore, vote to keep the policy repo rate unchanged at 6.5 per cent and to continue with the stance of withdrawal of accommodation
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Underscoring the imperative of fostering a future-ready ethos within the financial sector, Das also stressed the critical role of timely supervisory intervention in mitigating systemic risks.
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The company has formed a team to implement corrective actions and revise policies and procedures, IIFL Finance added in a statement
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Indian banks are urging the central bank regulator to relax the current liquidity coverage requirements (LCR).
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Speaking at the post monetary policy press conference, Governor Das once again used the metaphor of an "elephant" to describe the current state of inflation, noting it has declined slowly.
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While sales in the luxury segments are expected to be strong, those looking for homes in the affordable segment may put off buying homes as they are the most price sensitive
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