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Liquidity crisis: RBI governor Shaktikanta Das calls on pvt sector bankers

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Dion Global

28 Dec 2018

The Reserve Bank of India Governor Shaktikanta Das on Thursday held meetings with top private sector lenders, and discussed liquidity issues and the flow of credit to small and medium businesses, according to bankers.

This is the third meeting Das has had with the lenders, with the first two being with public sector banks, after he took charge on December 12 following the sudden resignation of Urjit Patel. Patel had resigned on December 10 due to the differences with the government on a host of issues, including those discussed on Thursday.

“There were discussions on the ways to improve the flow of credit to medium and small industries, and also on the present liquidity situation,” said a banker, who attended the meeting. The meeting was also attended by the deputy governors and other top private sector lenders.

Following the default by Infrastructure Leasing & Financial Services (IL&FS) in September, the liquidity situation in the system has became too tight.

At the November 19 meeting of the central board of the RBI, the central bank had announced loan restructuring scheme for MSMEs, with credit up to Rs 250 million.

In the past two meetings between the RBI and state- run banks, Das had deliberated on the prompt correction action (PCA) framework.

Of the 21 state-owned banks, 11 are under the PCA framework, which imposes lending and other restrictions on weak lenders.