SS Mundra News

Concerned over large number of retirements of senior officials at public sector banks (PSBs) in the near future, Reserve Bank Deputy Governor SS Mundra on Wednesday pressed for the need to focus on HR management and said there cannot be a "leaderless bank".

RBI is looking into a provision it introduced in June to help lenders managed stressed assets.

Reserve Bank of India Deputy Governor S.S. Mundra called levels of debt in the domestic corporate sector "a major concern" on Wednesday, while admonishing banks to clean up their bad loans more quickly.

He also said that RBI would like to see, among other things, as to how banks pass on the benefit of earlier rate cuts to customers before it goes in for another cut.

The cross-holdings of India`s state-owned firms have long been an area of concern but are not often discussed in public by major regulators like the RBI.

Reserve Bank of India Deputy Governor SS Mundra said on Wednesday the central bank would have room to cut interest rates should factors leading to lower inflation continue.

The Reserve Bank Monday said it is in discussions with the government to curb gold imports which have seen a sharp surge in the recent months putting pressure on the Current Account Deficit.