Nirmala Sitharaman press meet highlights: FM meets state-owned banks

India's economic growth fell to an over six-year low of 4.5 per cent in the September quarter

1:53 PM

CBI director meets state lenders: FM

CBI director was present in meeting with public sector banks. The CBI doesn’t take any suo motu, says FM Sitharaman.

1:51 PM

Bankers 'fear of 3 Cs'

FM Sitharaman speaks about bankers “fear of three Cs: Central Bureau of Investigation, Central Vigilance Commission, and Comptroller and Auditor General”.

1:49 PM

MDR notification from Jan 1

FM Sitharaman says notification on merchant discount rates (MDR) will be effective from January 1, helping digital payments through RuPay and UPI.

1:45 PM

Meeting on digital payments

Had a very useful meeting with public sector banks (on Saturday) and private banks (earlier) on digital payments: FM Sitharaman.

1:38 PM

State-owned banks doing better: Finance Secretary

Finance Secretary Rajiv Kumar says financial situation of public sector banks is improving. Bad loans are decreasing and asset recovery is improving, he says.

1:35 PM

RBI prediction on bad loans

The Reserve Bank of India predicted that an improvement in banks’ bad-loan ratios will reverse, as a slowing economy hurts borrowers’ ability to repay. In its latest Financial Stability Report released Friday, the Reserve Bank of India said soured debt at Indian lenders will rise to 9.9% of total credit by September 2020, after dropping the most in 15 years to 9.3% a year earlier. It had previously forecast 9% in March.