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RBI seeks vacation of SC stay on classification of NPA accounts

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4 years ago

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RBI seeks vacation of SC stay on classification of NPA accounts

The Reserve Bank of India (RBI) has informed the Supreme Court that its order staying the classification of non-performing asset (NPA) accounts will have huge implications for the banking system if it is not lifted immediately.

The central bank also said that the ruling undermines its regulatory mandate.

RBI had, in March, allowed a three-month moratorium on equated monthly instalments (EMIs) of term and other loans that were due between 1 March and 31 May. The moratorium was later extended till 31 August.

The top court, in an interim ruling on 3 September, had ordered a stay on the classification of NPAs—if not declared as such by 31 August—till further orders.

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Meanwhile, the Centre has, in response to a batch of petitions, filed an affidavit in the top court ruling out further relief measures under the loan moratorium scheme.

It said a balanced view of the interests of depositors, borrowers, real estate sector entities and banks, in addition to the financial stability and economic growth of the country, has been taken taken into account while deciding its policy.

In response to a plea on waiving interest/interest on interest, the government said such a move will entail significant economic costs that cannot be absorbed by banks without a serious dent in their financials, which, in turn, will have huge implications for depositors and broader financial stability.

The Centre said it had submitted an affidavit on 2 October in which it had informed the top court about its decision to bear the cost of ‘interest on interest’ for MSME loans and personal loans up to ₹2 crore .

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Published

3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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