By Vyuptakesh Sharan
This book deals with the reform measures undertaken within the monetary zone and their effect. The impression is classed when it comes to development in actions, profitability, monetary balance, and monetary inclusion between intermediaries resembling banks, NBFCs and mutual cash, in addition to within the monetary markets. This publication provides to the prevailing literature at the topic through supplying an research of the influence that embraces not just the elevated actions within the quarter but in addition the problem of monetary balance and fiscal inclusion.
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Extra info for India's Financial Sector: An Era of Reforms
Example text
Financial Stability It has already been mentioned that profitability cannot be stressed upon in isolation of the financial risk involved in the liberalisation process. Financial stability needs to be maintained in order to give way to long-term economic prosperity (Schinasi 2006). We have witnessed many cases of financial instability marring the very process of economic growth. To quote at least one case, the Asian Crisis-hit countries had a record economic growth rate prior to the crisis. The financial sector too was experiencing a big expansion in activities and desired profitability.
By March 2002, 23 of 27 public sector banks had achieved the 10 per cent norm. Two had more than 9 per cent CRAR and the rest two, namely, Indian Bank and Dena Bank, failed to fulfil even the 9 per cent norm. However, the banks tried to improve their capital base through moving to capital market— domestic and international. The strengthening of capital base meeting the growing exposure of the banks has been a continuing process. The RBI announced a revised capital adequacy norm based on Basle II norms during January 2006 that was to be achieved by March 2007.
A doubtful asset is one that remains NPA for more than 18 months. And a loss asset is that where loss has been identified but not written off. Moreover, a number of measures were taken up. They were mainly rescheduling and restructuring at the bank level, recovery through tribunals, Lok Adalats and court, and compromise settlements. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAEST) Act was passed in 2002 that allowed the banks to recover their loans outside the court.