The Union government had “broadly” agreed to the Reserve Bank of India’s (RBI’s) decision to tighten the prompt corrective action (PCA) a month before it was released last year, sources in the central bank said on Tuesday.
An under secretary-level official of the Department of Financial Services (DFS) had written a letter to a chief general manager-level official of the RBI on March 3, 2017, saying the government is in “broad agreement” to the proposed changes to the PCA framework.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.