Non Performing Assets (NPA) Current Affairs - 2020

SC places Cooperative banks under SARFAESI Act

The Supreme Court of India recently pronounced its judgement that cooperative banks shall be placed under SARFAESI Act. Highlights The Supreme court has upheld the GoI notification dated January 28, 2003 under which the cooperative societies have come under SARFAESI Act. The Apex court has also ruled that the Cooperative Banks have also come under Read More…

Cabinet Approval: Mega Consolidation of Public Sector Banks

On March 4, 2020, the Union Cabinet chaired by Narendra Modi had approved mega consolidation of 10 Public Sector Banks. Highlights The mega merger is to come into effect from April 1, 2020. It includes amalgamation of United Bank of India and Oriental Bank of India into Punjab National Bank. Also, amalgamation of Syndicate Bank Read More…

Cabinet approves amendment to bring Cooperative Banks under RBI Regulation

On February 5, 2020, the Union Cabinet approved to bring regulation of cooperative banks under Reserve Bank of India. In order to achieve this, the Cabinet approved amendments to Banking regulation act. Highlights According to the amendment, the cooperative banks will now hold the regulatory requirements that have been set for scheduled commercial banks. With Read More…

National Financial Reporting Authority submits first report since constitution

The National Financial Reporting Authority (NFRA) issued its first audit report of IL&FS Financial Services Limited for the year 2017-18. It is the first report submitted by the authority since its constitution in October 2018. The audit was conducted abiding Section 13(2) of the companies act, 2013 and NFRA rules, 2018. Highlights Prior to NHRA, Read More…

RBI raises concerns over bad loans from Mudra Yojana

The Reserve Bank of India on November 27, 2019 raised concerns over increasing bad loans from the Pradhan Mantri Mudra Yojana. RBI believes that there is an urgent need to monitor the loans sanctioned under Mudra Yojana. Concerns According to RBI, the percentage of MUDRA loans were at 2.52% in 2017-18, It has now raised Read More…