India within striking distance of attaining positive growth: RBI

24 Janvier, 2021, 17:27 | Auteur: Auguste Feret
  • NBFCs regulation RBI NPAs Reserve Bank of India non-performing assets RBI four tier structure economy news Indian express news

Barring a second COVID-19 wave, the worst is over for the economy and policymakers may soon have more room to support a recovery, the Reserve Bank of India recently said.

"In view of the recent stress in the sector, it has become imperative to reexamine the suitability of this regulatory approach, especially when failure of an extremely large NBFC can precipitate systemic risks", said the paper by the Reserve Bank of India (RBI).

It pointed out: "What will 2021 look like?"

On January 16, India launched the biggest vaccination drive in the world, backed by its comparative advantage of having the largest vaccine manufacturing capacity in the world and a rich experience of mass inoculation drives against polio and measles.

While NBFCs are under RBI's regulation since 1964, the central bank introduced a comprehensive regulatory framework for the systemically important NBFCs in 2006, which was further refined in 2014.

Once identified as NBFC-UL, the NBFC will be advised individually about its classification as a NBFC-UL and that it will be subjected to regulation akin to banks, the RBI said.

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Globally, the virus has killed more than two million people, infected tens of millions of others and hammered economies. Now, the activity on the streets attests to an impressive rebound, but some say it remains incomplete.

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The woman tested negative on January 2 and 10 in managed isolation, and was released on January 13, after which she went home. More than 600 people who had spent time in the hotel have been asked to self-isolate and be re-tested for Covid-19.

E-commerce and digital technologies will likely be the bright spots in India's recovery in a world in which there will be rebounds for sure, but pre-pandemic levels of output and employment are a long way off, they said.

The recent shifts in the macroeconomic landscape in India has brightened the outlook, with GDP "in striking distance of attaining positive territory", and inflation easing closer to the target.

"Cost of compliance to rules and regulations should be perceived as an investment as any inadequacy in this regard will prove to be detrimental", RBI Governor Shaktikanta Das had said in a speech last Saturday referring to increased regulation in recent years for banks and shadow lenders.

"After considering the bank's reply to the notice and oral submissions made in the personal hearing, RBI concluded that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty", the statement said. "Harnessing the synergies by transforming low-value semi-processed agri products through food processing would not only improve productivity, but also boost India's competitiveness", the bulletin pointed out.

The article, however, had a message for finance minister Nirmala Sitharaman who is set to present the budget on February 1.

The RBI had issued new Rs 100 notes in lavender colour with the motif of "Rani ki vav" - a stepwell located on the banks of Saraswati river in Gujarat's Patan.

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