India struggles to discipline its state-owned Banks
Published date: Mixed Paper Article
View PDFIndian bank governance is in the spotlight amid the ballooning $2.1 billion fraudulent-loan scandal at Punjab National Bank. © Reuters
NEW DELHI – The crisis in India’s state-owned banking sector is deepening, but the government may be preparing to give a key oversight body, set up two years ago to improve governance at bank boards, a quiet burial.
The term of the Banks Board Bureau ends on March 31. “We have no clue if the BBB’s term will be extended or it will be wound up,” one member of the BBB told the Nikkei Asian Review. On March 19, the BBB issued a “Compendium of Recommendations” and requested a meeting with Finance Minister Arun Jaitley to discuss its future.
The document notes that it had sent suggestions on a Governance, Reward and Accountability Framework for state-owned banks to the government, adding: “The Bureau is not aware of the progress made in this regard and there has been no further engagement with Government.”
The BBB was one of the steps on improving governance at banks listed by a blue-ribbon commission. Set up by former Reserve Bank of India Gov. Raghuram Rajan, the committee headed by senior banker P.J. Nayak submitted a detailed road map on May 12, 2014-two weeks before Prime Minister Narendra Modi took office.
The Modi government did not immediately act on Nayak’s recommendations. It was only in August 2015, with bad loans rising dramatically at state-owned banks after an Asset Quality Review ordered by Rajan, that Jaitley unveiled a plan to recapitalize state-owned banks. He also announced the BBB would begin operating from April 1, 2016.
[7552]Jiliplay Online Casino Philippines: Quick Login, Register & App Download for Top Jiliplay Slot Games Experience the best jiliplay slot games at Jiliplay Online Casino Philippines. Fast jiliplay login, easy register & jiliplay app download. Join the #1 jiliplay online casino today! visit: jiliplay
[173]TTJL Online Casino Philippines: Official TTJL Login, Register & App Download for Premium TTJL Slots. Experience the ultimate gaming at TTJL Online Casino Philippines. Access your official TTJL login, fast TTJL register, and TTJL app download for premium TTJL slots and big wins. Join the most trusted online casino in the PH today! visit: ttjl
[7535]Spinph8 Online Casino Philippines: Register, Login, and App Download for Premium Slot Games Experience the best at Spinph8 Online Casino Philippines. Quick spinph8 login and register to play premium spinph8 slot games. Get the spinph8 app download today! visit: spinph8
[9254]Jili666 Online Casino Philippines: Quick Login, Register & App Download for the Best Slot Games Join Jili666 Online Casino Philippines! Fast jili666 login, easy jili666 register, and official jili666 app download for the best jili666 slot games. Play and win big today! visit: jili666
[8923]The Philippines’ Leading GCash Online Casino and Official Betting Platform visit: phtaya1
[1561]Phrush Casino Philippines: Secure Phrush Login, Register & App Download for Premium Phrush Slot Online Gaming. Experience the ultimate gaming at Phrush Casino Philippines. Access secure Phrush login and easy Phrush register to enjoy premium Phrush slot online games. Phrush app download is available for seamless mobile play. Join the top-rated Phrush Casino today for a safe, exciting, and high-reward gambling experience tailored for Filipino players. visit: phrush
[8135]The Philippines’ Most Trusted Legit Online Casino for Best GCash Slots and Gambling. visit: playpal77
[5166]5jili: Best Online Slot & Casino Philippines. Fast 5jili Login, Register & App Download. Join 5jili, the best online slot & casino in the Philippines. Experience fast 5jili login, easy 5jili register, and secure 5jili app download for top games today. visit: 5jili
[9179]PK777 Login, Register & App Download: Experience the Best PK777 Slot Online and Casino Login in the Philippines. Join PK777, the top online casino in the Philippines! Enjoy easy PK777 login, register today, and get the PK777 app download to play the best PK777 slot online and casino login games for big wins. visit: pk777
[7217]DreamPH Casino: Top Philippines Online Slots. Easy DreamPH Login, Register, and App Download. Join DreamPH Casino for the best Philippines online slots. Easy DreamPH login and register process. Get the DreamPH app download to play top DreamPH slot games and win big today! visit: dreamph
[6618]plus777 Philippines: Best Online Casino & Slots. Easy Login, Register, and App Download. Experience plus777 Philippines, the premier online casino for top-tier plus777 slot games. Enjoy a seamless plus777 login, fast plus777 register, and easy app download. Join plus777 casino today for the best gaming experience and big wins! visit: plus777
7xuv87