{"id":99989,"date":"2018-11-16T00:41:29","date_gmt":"2018-11-16T00:41:29","guid":{"rendered":"https:\/\/www.bnreport.com\/banks-could-be-recapitalised-with-govt-bonds-s-gurumurthy\/"},"modified":"2018-11-16T00:41:29","modified_gmt":"2018-11-16T00:41:29","slug":"banks-could-be-recapitalised-with-govt-bonds-s-gurumurthy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/banks-could-be-recapitalised-with-govt-bonds-s-gurumurthy\/","title":{"rendered":"Banks could be recapitalised with govt bonds: S Gurumurthy"},"content":{"rendered":"

NEW DELHI: Indian banks could be recapitalised with government bonds, said an independent director on the central bank's board on Thursday, at a time when the Reserve Bank of India and the government are at loggerheads on regulatory issues. <\/p>\n

S. Gurumurthy has been a vocal member on the RBI<\/a> board asking for easier lending and capital restrictions for Indian banks and more cash for small businesses, a view that is supported by top finance ministry officials and has deepened an ongoing rift between the government and the central bank. <\/p>\n

One way for the government to increase capital adequacy in state-run banks under Basel 3 regulations is to increase equity capital on one hand and sell sovereign bonds to the lenders on the other hand. <\/p>\n

The move<\/a> won't need actual cash infusion but only an accounting entry in banks, a process which has been used before as well by the government to increase capital adequacy ratios in banks. <\/p>\n

For weeks, government officials in New Delhi have been pressuring the Mumbai-based RBI to accede to a range of demands, prompting RBI Deputy Governor Viral Acharya<\/a> to warn late last month that undermining a central bank's independence could be "catastrophic," bringing the feud into the open. <\/p>\n

However, the government and the RBI are now getting close to ironing out some of their policy differences ahead of a board meeting on Monday. <\/p>\n

Gurumurthy, who has close links with the Rashtriya Swayamsevak Sangh<\/a> (RSS), a right-wing organisation that supports Prime Minister Narendra Modi<\/a>'s Bharatiya Janata Party<\/a>, called for heavy import curbs on items to contain the country's current account deficit. He while speaking at an event in New Delhi. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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