1. PARLIAMENTARY PANEL CALLS URJIT PATEL:
The Parliamentary committee has asked the RBI Urjit Patel to appear before it on May 25, 2017 to explain on the demonetization issues.
The RBI had earlier been summoned by the committee in January this year, when the former PM Mr. Manmohan Singh had intervened and advised the committee not to put ODD questions to the Governor. Since the discussion on Demonetization is not concluded, the committee has again summoned him for a meet.
2. Revised Bad Loan rules of RBI
RBI has revised the rules and corrective actions suggested to address the bad loans issue of Public Sector Banks. The Global rating agency Fitch has said that the PROMPT CORRECTIVE ACTION (PCA) suggested by RBI may put on the banks to show greater willingness to take regulatory actisignificant asset quality issues and capital shortage. on in tackling NPAs. The rules of RBI being implemented is only likely to be effective if it is matched by credible plans to address banks’ significant asset quality issues and capital shortage. It may be noted that more than half of state owned banks would beach at least one of the new thresholds mainly owing to high NPLs, which again is based on their latest financial reports.
3. BHIM app downloads.
The BHIM app which is the indigenous digital payments app, has crossed 20 million downloads so far, according to a report from NITI Aayog committee.
The BHIM app was launched by the Government for fast and secure cashless transactions using mobile phones. BHIM is a platform designed to make payment through UPI and USSD modes simple. After demonetization, the digital payment channels like mobile wallets, USSD and RuPay have shown great leap and increased transactions.