RBI board meeting, earnings growth, MF industry, and more

The Congress president has openly praised RBI Governor Urjit Patel for "defending" the central bank from Prime Minister Narendra Modi.

The government had denied seeking a massive capital transfer from the RBI, but had said it was discussing an "appropriate" size of capital reserves that the central bank must maintain. According to reports, the effort could run into some resistance from the bank's independent directors who are nominated by the central government.

Corporate India reported a good set of numbers during the July-September 2018 quarter, thanks to gains from a low base during the corresponding quarter last fiscal year and a better-than-expected showing by metals and mining firms.

RBI's total reserves stand at Rs 9.59 lakh crore.

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RBI has restricted lending operations of 11 public sector banks with high non-performing assets and low capital adequacy ratio (CAR) under the PCA framework.

Economic Affairs Secretary Subhash Chandra Garg clarified that the government wasn't in any dire needs of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore. Either way, there is considerable nervousness in policy circles as well as the markets, both in India and overseas, as to how the curtain comes down on this unprecedented confrontation between RBI and the union government. "Most central banks don't have reserves of this kind at all, only RBI has these kinds of reserves", he said on 15 November in an address at the Vivekananda International Foundation.

However, if the board meeting turns turbulent and there is no accommodative approach, there is speculation that RBI governor Urjit Patel could resign. If you strictly go as per the regulations section 7 (2) and section 7 (1) of the RBI Act, it gives the board full powers to do all the acts and things subject to government regulations. The RBI earlier told the government that there was no liquidity crunch at NBFCs and that there was actually some credit growth in the sector.

Finance Minister Arun Jaitley on Saturday said that growth must not be throttled by limiting credit availability and liquidity. At Monday's meeting, sources indicated, the two government representatives on the board will want RBI to announce the agreement that had been reached on easing credit flow to micro, small and medium enterprises (MSMEs), a revamped prompt corrective action (PCA) framework for weak banks, and alignment of capital norms for Indian lenders in line with worldwide standards instead of making them more stringent.

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