LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

CEA Arvind Subramanian praises Raghuram Rajan for identifying NPA problem

Outgoing CEA raised apprehensions about the handling of the rising non performing assets (NPAs) and indicated that a lot needed to be done, a member who was present in the meeting said on the condition of anonymity. Subramanian, the former economist at the International Monetary Fund (IMF) was forthcoming in his briefing to the panel and mentioned that the former RBI Governor was instrumental in identifying the problem, another member said. He also appreciated Rajan for his efforts in tackling the crisis, the member added. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
CEA Arvind Subramanian praises Raghuram Rajan for identifying NPA problem
Subramanian also said that there was an environment of fear among the bankers and they were reluctant to lend besides retail lending. Image source: Reuters
Written By: PTI
Updated: Wed, Jul 11, 2018
08:03 pm
New Delhi, PTI
RELATED NEWS
Demonetisation threw up political, economic puzzles: Arvind Subramanian Demonetisation threw up political, economic puzzles: Arvind Subramanian
Who is Krishnamurthy Subramanian? Modi government's Chief Economic Adviser after Arvind Subramanian Who is Krishnamurthy Subramanian? Modi government's Chief Economic Adviser after Arvind Subramanian
CEA Arvind Subramanian: Not leaving because government is unhappy with me  CEA Arvind Subramanian: Not leaving because government is unhappy with me
As Raghuram Rajan, Arvind Panagariya, Arvind Subramanian leave, a protectionist India returns As Raghuram Rajan, Arvind Panagariya, Arvind Subramanian leave, a protectionist India returns
How can India grow faster? CEA Arvind Subramanian has to say this How can India grow faster? CEA Arvind Subramanian has to say this

Outgoing Chief Economic Adviser Arvind Subramanian today expressed scepticism over the handling of the mounting NPAs crisis as he praised former RBI governor Raghuram Rajan for identifying the lacuna and trying to resolve it, sources said. Subramanian who appeared before the parliament's committee on estimates, headed by veteran BJP leader Murli Manohar Joshi, was not convinced that the NPA issue would be resolved within an year or two, as claimed by the bankers, sources said.

He raised apprehensions about the handling of the rising non performing assets (NPAs) and indicated that a lot needed to be done, a member who was present in the meeting said on the condition of anonymity.
Subramanian, the former economist at the International Monetary Fund (IMF) was forthcoming in his briefing to the panel and mentioned that the former RBI Governor was instrumental in identifying the problem, another member said. He also appreciated Rajan for his efforts in tackling the crisis, the member added. 

In as many words, he indicated that the decisions to approve big ticket loans by the public sector banks were influenced, however he did not elaborate who and how the approvals were influenced, the member said. Subramanian also said that there was an environment of fear among the bankers and they were reluctant to lend besides retail lending.

Earlier the committee was briefed by the top officials of Bank of Baroda, Canara Bank and Bank of Maharashtra. Yesterday, the same panel in a marathon four-hour meeting posed some tough questions to senior finance ministry officials, including Finance Secretary Hasmukh Adhia, about overall condition of the economy especially the banking sector.

Members of the panel also demanded various documents including minutes of the board meetings of the public sector banks, in which high-ticket value loans were approved.

The banking sector is grappling with rising non-performing assets, which touched Rs 8.99 lakh crore or 10.11 per cent of the total advances at December-end 2017.

Watch this Zee Business video

Of the gross NPAs, the public sector banks accounted for Rs 7.77 lakh crore. The rising number of frauds has become a serious cause of concern. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Arvind SubramanianNPAs crisis
RELATED NEWS
Demonetisation threw up political, economic puzzles: Arvind Subramanian Demonetisation threw up political, economic puzzles: Arvind Subramanian
Who is Krishnamurthy Subramanian? Modi government's Chief Economic Adviser after Arvind Subramanian Who is Krishnamurthy Subramanian? Modi government's Chief Economic Adviser after Arvind Subramanian
CEA Arvind Subramanian: Not leaving because government is unhappy with me  CEA Arvind Subramanian: Not leaving because government is unhappy with me
As Raghuram Rajan, Arvind Panagariya, Arvind Subramanian leave, a protectionist India returns As Raghuram Rajan, Arvind Panagariya, Arvind Subramanian leave, a protectionist India returns
How can India grow faster? CEA Arvind Subramanian has to say this How can India grow faster? CEA Arvind Subramanian has to say this

LATEST NEWS

TMC Candidates List 2021 - Names of 291 candidates announced for West Bengal Elections; See Complete List Here

SBI preferred - Morgan Stanley upgrades Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank

HSSC Recruitment 2021: Application forms reopened for Patwari, Canal Patwari and Gram Sachiv posts; Check where to apply online and how

In chat with Anil Singhvi, analyst Vikas Sethi picks Kotak Bank, RIL as top buys for big returns

Nickelodeon making new ''SpongeBob SquarePants'' spin-off centered on Patrick Star

Reliance Jio low-cost laptop 'JioBook' that runs on Android coming soon; Here's all you need to know

Post Office Schemes: Good news for savings account holders! Withdrawal limit hiked from Rs 5,000 to Rs 20,000 at these branches

Aadhaar card-based driving licence service: Check step by step guide to renew your driving licence online without going to RTO

Exclusive: Are the infamous Gupta Brothers of South Africa secretly buying Jet Airways?

MTAR Technologies IPO: Last Day to subscribe for the issue, retail portion subscribed over 16 times on 2nd day

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved