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Finance Minister Piyush Goyal today said government is open to discuss the issue of '' independent '' and '' deficits '' of the Reserve Bank in order to regulate the state of the market.
RBS also scammed in the country – Rs 13,500-crore PNB scam – governor Urjit Patel had blamed it on the lack of powers of the central bank
"As we look at the RBI powers, we are looking at the issue and we are going to have an issue with this issue," Goyal said when asked about the questions raised by Patel in March, he said that he had not been able to regulate the state of the economy.
Addressing an event at the Gujarat National Law University in Gandhinagar on March 14, Patel had sought more powers for R To be a major deterrent for PSBs
The governor had also been criticized as "not perceived" to be a major deterrent for fraudsters. RBI's powers over PSBs are "weaker than" those over the private sector banks.
Stating that RBI has "very limited authority" on PSBs, Patel had said that RBI could not remove PSB enforce mergers in PSBs
On the fund for the near-crippled PSBs, Goyal, while addressing an industry event
The Minister for the Future of the PSU Banks. "
We also have some badysis of the capital requirement of the PSBs and we are working in tandem with them. "
On government stake in PSBs, he said government will maintain majority ownership in them.
They will continue to be PSBs with 51 per cent holding in all the 20 banks that are under the Banking Regulation Act, "Goyal said.
Admitting that political interferences We have been in the PSBs in the past, he said, "the PSBs have suffered political interference in the past, but this is not the case.
"No minister interferes in the decision-making and operations of the PSBs today," the minister said.
He also badured PSBs that they will have full autonomy.But he was quick to add that "with great power comes great responsibility. I do hope this is an effective use of the banking system. "
Stating that a macro perspective is the economy, Goyal said" fiscal deficit is narrowing and I am sure this year there will definitely be no slippages of fiscal deficit. Fiscal deficit will be maintained at 3.3 per cent and will continue to be reduced in the future. "
On NPAs, which have crossed 11.6 per cent as of March, and RBI has projected it to slip past 12.6 per cent by March March, Goyal said while fighting NPAs, it is "very important to note that there are real business failures that needs addressed by resolution."
"Everything can not be sent to liquidation … that can not be the panacea of all NPA problems, we have the support of good borrowers, "the minister said.
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