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News of Bank & Finance, Chapra (2026)

30/10/2021

Indian Bank reports frauds of over Rs 266 crore in three accounts to RBI

Indian Bank on Saturday said it has reported over Rs 266 crore worth of fraud to the Reserve Bank, relating to three NPA accounts. These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing.

It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore).

The frauds have been categorised as diversion of funds in all the three cases.

Indian Bank said it has held provisions worth Rs 12.58 crore against SONAC. While in the case of other two accounts, the provisions held are equivalent to the entire exposure respectively.

04/07/2018

PNB to concentrate processing of big loans to 60 designated branches

Fraud-hit PNB has decided to designate 60 systematically important branches (SIB) to carry out all lending operations of above Rs 50 crore to ensure better checks and balances over large accounts.

The bank will create these SIBs across the country as part of its credit restructuring exercise.

"The bank is in the process of shifting most of the large accounts to SIBs," Punjab National BankNSE -1.36 % (PNB) said in a release today.

The lender suffered huge losses on account of over USD 2 billion fraud perpetrated by diamond jeweller Nirav Modi in connivance with a few bank officials.

"PNB has embarked upon a credit restructuring exercise that will ensure that large accounts as well as lending operations are concentrated in a few specially designated branches.

"To ensure better accountability and operations the bank is shifting most of the borrowal accounts above Rs 50 crore to branches which will be designated Systemically Important Branches (SIBs)," the bank statement said.

The public sector lender said creation of these 60 SIBs across the country will ensure better checks and balances over large accounts.

Besides, most of the bigger accounts will be operated from branches designated as Large Corporate Branches (LCBs) and regular branches will concentrate on regular savings accounts and CASA (current account savings account).

For centres located in metropolitan cities, in addition to LCBs/MCBs/IBBs, two to three branches will be designated as SIBs depending upon geographical convenience.

"Contrary to false reports, PNB has no plans to close operations in branches like the Brady House branch in Mumbai. Reallocation of some of the accounts is part of the restructuring process aimed at centralisation of critical functions and large corporate accounts. Retail operations for PNB customers continue to operate from the branches like Brady House," a senior PNB official clarified with regard to a news published yesterday.

As part of its Mission Parivartan, the bank said it will establish centralised loan processing centres across the country in a phased manner for processing of loans above Rs 50 lakh.

Presently, the bank has one central loan processing centre at its Connaught Place (New Delhi) branch that enables qualitative credit assessment, segregates pre and post sanction responsibility as well as shortens the turn-around time and facilitates efficient monitoring.

Earlier in June, the bank created a stressed asset vertical for recovery of bad loans. KPM CS MR MR

21/11/2016

The Supreme Court last week upheld the levy of entry tax by states. A nine-judge Constitution Bench headed by Chief Justice TS Thakur in a majority verdict of 7:2 ruled that the freedom of trade under Article 301 of the Constitution was not free from tax, and a non-discriminatory levy of tax is not violative of Article 304(a). It held that states have the right to levy taxes as long as these are not discriminatory. States fighting these cases in the apex court included Haryana, Bihar, Tamil Nadu, Kerala, Rajasthan, Odisha, Uttar Pradesh, Jharkhand, Chattisgarh, Assam and Madhya Pradesh.
Laying down a 10-point framework for the regular benches to decide the legality of such state laws, CJI Thakur, who penned down the judgment for judges AK Sikri and AM Khanwilkar, said “the compensatory tax theory evolved in Automobile Transport case and subsequently modified in Jindal’s case has no juristic basis and is therefore rejected”.
As the SC endorsed entry tax, companies will have to pay arrears of over R30,000 crore plus interest and future taxes till it is abolished under the GST regime. Over 2,000 cross-appeal cases were filed by several companies and states on levying entry tax.
While judges SA Bobde, Shiva Kirti Singh, NV Ramana and R Bhanumathi also concurred with the findings of CJI, 2 out of 9 judges—Justice DY Chandrachud and Justice Ashok Bhushan—disagreed with the majority view. Justice Bhanumathi preferred to write a separate judgment, saying she had difference of opinion on one or two points only. She was of the view that the term ‘local area’ implied the entire territory of the state.
Justice Chandrachud noted that a tax can impose restriction where its direct and “inevitable effect is to restrict the freedom of trade, commerce and intercourse.” He also held that a local area is not the entire state.
The other dissenting judge on the bench Justice Ashok Bhushan dismissed states’ arguments of holding entry tax as compensatory in nature by saying that the concept is not compatible with the Constitution.
While attorney general Mukul Rohatgi had told the court that all future entry tax issues will be resolved with the passage of the GST, legal experts say that will not solve the states’ past problems.
Senior advocate KK Venugopal pointed out that if the GST Bill is passed it will impact only future transactions. If the GST is not passed, then states will be entitled to collect such tax arrears based on accounts maintained by them.
Welcoming the SC’s judgement, the Odisha government said that it would earn balance R1,500 crore from different companies as some dealers have paid 50% of entry tax pursuant to the apex court’s interim orders.
The provisions of Article 301 of the constitution were first examined in the case, Atiabari Tea Company Ltd vs State of Assam, in 1960 by a five-judge bench that emphaised on the need for economic unity and ruled against entry tax. After doubts arose over the Atiabari ruling, the issue was referred to a larger bench of seven judges in the Automobile Transport (Rajasthan) Company Ltd vs State of Rajasthan (1962). The bench then ruled in favour of tax.
Jindal Steels Ltd then challenge the levy by Haryana in 2002. Later, other manufacturing companies including Vedanta, Reliance, SAIL and Hindalco followed. The case was eventually referred to a larger bench of five judges for more clarity. In 2006, the five-judge bench directed hearing of all related cases following which, in 2008, a two-judge bench framed 10 questions for consideration by the larger bench.
Later in 2010, the issue was referred to a 9-judge Bench by a Constitution Bench led by Justice SH Kapadia. After a six-year hiatus, CJI Thakur then finally heard the matter overruling previous apex court decisions in Atiabari and The Automobile Transport. The assessees had relied upon these cases for assailing entry taxes while the states have sought for overruling the two decisions.
Senior Advocate Harish Salve batted for the companies, arguing it was beyond the power of the states to impose such tax on goods entering their territory. However, states refuted these arguments by saying their sovereign powers should not be diluted as the right to levy and entry tax is essential to the division of tax powers between the Centre and states.

23/09/2016

Indian banking outlook stable; new NPA formation slow: Moody's

MUMBAI: Indian banks' outlook is set to stabilise as asset quality concerns bottom out according to global ratings firm Moody's.

The statement is significant considering that most banks have been reporting losses or nominal profit in recent quarters as they have been cautious to expand their loan books on asset quality concerns. "India's banking system is moving past the worst of its asset quality down cycle, supporting its stable outlook - Baa3- over the next 12-18 months." Moody's ..

The statement is significant considering that most banks have been reporting losses or nominal profit in recent quarters as they have been cautious to expand their loan books on asset quality concerns. "India's banking system is moving past the worst of its asset quality down cycle, supporting its stable outlook - Baa3- over the next 12-18 months." Moody's said in a report.

"While the stock of impaired loans may still increase during the horizon of this outlook, the pace of new impaired loan formation should be lower than what it has been over the last few years" said Srikanth Vadlamani, a Moody's Vice President and Senior Credit Officer.

Moody's stable outlook is based on five parameter which it assessed to be stable. They include, operating environment; asset risk and Capital; funding and liquidity; profitability; and government support.

The operating environment for Indian banks is supported by a stabilising economy. Moody's baseline scenario assumes headline GDP growth of 7.4% over the next two years, compared with 7.3% in 2015

Capital levels remain a key credit weakness for state-owned banks, Moodys said. The government's capital infusion plans fall short of the amount required for their full capitalization. However, the ratings firm has said that a potential way to bridge this capital shortfall would be to slow loan growth to the low single digits over the next three years.

Profitability for the banks will reflect stabilizing net interest margins (NIMs) and credit costs. Moody's expects limited rate cuts by the central bank over the next 12 months, which should help stabilize NIMs.

It expects state-owned banks to receive a very high level of systemic support, irrespective of their size. Recent government allocations, wherein weak smaller banks received a disproportionately higher share of capital, support this view, it said. For private banks, support will be determined by their systemic importance, and range from high to very high for Moody's rated universe. Moody's rates 15 banks in India that together account for around 70% of system assets.

23/09/2016

Finance Ministry issues instructions for Budget 2017-18
With Centre deciding to advance Budget 2017-18 presentation by about a month, the Finance Ministry has come out with comprehensive instructions for different ministries for completion of the exercise.

With Centre deciding to advance Budget 2017-18 presentation by about a month, the Finance Ministry has come out with comprehensive instructions for different ministries for completion of the exercise.

The instructions were issued following the Cabinet decision to merge rail and general budgets, do away with distinction between plan and non-plan expenditure, and advance date of budget presentation with a view to complete the entire exercise before March 31, the fiscal year end.

“Several structural reforms being undertaken this year, including, removal of distinction between plan and non-plan expenditure, advancement of budget presentation by about an month and merger of demands of Railways.

“Due to these changes, the timelines and informational requirements from the Ministries have also changed. These have been duly incorporated in the Budget Circular,” said the circular.

It also contains the compendium of instructions issued from time to time by Ministry of Finance on various issues. The RE (Revised Estimate) meetings of ministries/departments will be scheduled from October 17.

The annual exercise of budgeting aims at detailing the roadmap for efficient use of public resources taking into account the socio-economic and political priorities. Budgeting involves determination of what is to be done and achieved, the manner in which it is to be done and the resources required for the same.

With government deciding to do away with the Five year Plans post 12th Plan ending 2016-17, the Finance Ministry will carry out resource estimation for funding of various Central schemes and programmes as well as central funding for the State/UT schemes/programmes.

The ministry will be guided by the vision document being prepared by the NITI Aayog, as this will help in setting out the resource priorities of the government.

It has also asked the ministries to come up with multi-year projections of budgetary resources.

“This will need to follow the resource estimation of tax, non-tax and other receipts of the Centre for the budget year and the projection period in the medium term as per the FRBM Act,” the circular said.

23/09/2016

HomeFe columnist GST impact on auto sector: Let’s get the tax rolling
GST impact on auto sector: Let’s get the tax rolling

While the government is working to ensure GST roll out by April 2017, the industry is grappling with many unanswered questions. The auto sector has also not been immune to issues emanating out of the model GST law released by the government in the month of June earlier this year.

Overall, GST is expected to offer optimisation of credits by removing the cascading effect of central and state taxes, possibly reducing costs for auto OEMs as well as dealers. However, for auto industry, much depends upon the GST rate structure for passenger vehicles. Today, passenger vehicles have a varying central excise duty structure, depending upon the length, engine capacity, etc.

While cars with smaller engine capacity and length of less than four meters are subject to an excise duty of 12.5%, large cars where length crosses four meters, and/or engine capacity crosses 1200cc, the rate of excise duty can be 24%. For SUVs, the rate of excise duty is as high as 30%. On top of this, VAT/ CST is levied on sale of the vehicles. Thus, the cumulative taxes on domestically manufactured vehicles can range from 25-26% to 45% approximately.

Under GST, it will be interesting to see the kind of rate structure that the government decides for passenger vehicles. It is possible that certain segments of vehicles may be subjected to standard rate while other categories are subject to a higher ‘demerit’ rate. However, whether the distinction will be based on engine capacity or market value or any other parameter remains to be seen.

Apart from the rate of GST, there are many other aspects of the model GST law which are presently ambiguous or unanswered, and may become potential pain points for the industry.

One such issue is on transition provisions under GST. As per the model GST law, during transition to GST, a registered taxable person shall be allowed to take credit of only such goods which were eligible for credit under the both the regimes. What emanates is that if a dealer has inventory lying with him on which he has already paid excise duty and central sales tax (if purchased from outside a state), then on migration to GST, the sale of such goods in the post-GST era would attract the full rate of applicable GST without any credit being given for the excise duty and CST already paid.

Given that the cumulative rate of indirect tax at a dealer level may range from 15% to 45% (depending upon the class of vehicles), unless the rules are amended, this may lead to a huge cascading impact and create a differential between stock purchased prior to and after GST. Thus, auto OEMs and dealers need to carefully watch out for the developments on the transition provisions, and if required, plan out inventory levels during GST implementation to minimise any adverse tax impact.

Another issue which is likely to trouble the industry, and dealers in particular, is that GST will be required to be paid against advances received against sale/supply of goods. Under the current indirect tax regime, advances received against sale of goods are not subject to VAT. However, if GST will be imposed on such transactions, it will lead to the advance amounts going up potentially by 20-40%. A related issue is that there is no clarity under the model GST law on what will happen upon cancellation of advances. Whether a suo moto credit will be given or the tax payer needs to claim refund?

An interesting aspect about GST compliances would be that for the first time, all business transactions will be mapped online. For this purpose, transaction level-wise details will need to be uploaded on the GST Network while filing of monthly returns. One critical part of this entire process is that input tax credit will not be allowed to a taxpayer unless his suppliers of goods and services have deposited the tax with the government. Thus, if any supplier has not deposited the GST, it would mean that purchasing dealer will need to reverse such credit along with interest. To keep a track of each and every supplier and ensure that the supplier is depositing the GST in a timely manner may prove to be a herculean task, especially for OEMs dealing with a large number of vendors and thus, it is possible that some level of vendor consolidation may happen in the industry during the transition phase.

Another area of concern would be the treatment of second hand vehicles. Many dealers provide lucrative schemes involving exchange of old vehicles against new purchases. Further, many industry players have set-up full-fledged showrooms only for dealing in second hand vehicles. Unless clear provisions are framed under GST for taxing only the value addition on sale of second hand vehicles, the organised second-hand car industry could be at a disadvantage compared to the unorganised sector.

The model GST law also provides that free of cost supplies by one taxable person to another taxable person will be subject to GST. This could lead to a double taxation of warranty supplies when supplied to an end consumer, unless an exception is carved out in the GST law. Similarly, supply of free accessories along with the vehicle could mean additional tax cost.

There is no doubt GST is likely to change the way industry conducts its business, and auto sector would be no different. Inter-state sourcing may increase with the removal of tax barriers in form of CST and entry taxes. GST would also end disputes with the taxman on the issue of stock transfers being treated as ‘pre-determined sales’.
GST will definitely open up avenues for the auto sector to look at their business models and supply chains more closely and explore options for optimisation of total delivered costs. From the government, the industry would be looking forward for ease in procedural compliances and upfront clarity on tax positions.

While that happens (hopefully), it is advisable for the industry to plan its transition to the GST regime in advance, so as to ensure a smooth transition with minimal business disruption on the cut over date as well as be fully compliant with statutory requirements under the GST law.

31/08/2016

The Insurance Regulatory and Development Authority of India (Irdai) is planning to come out with a discussion paper on premium financing, particularly for the non-life sector.

Officials in the industry believe that this step would increase pe*******on of general insurance.

Currently, premiums in life insurance can be paid monthly, quarterly, half-yearly or annually. In general insurance, premiums are paid annually, and premium financing can help attract more people into buying insurance.

“All over world, if a person wants to buy insurance and does not have money, the premium is funded by banks and investors can pay back in installments. This is more for non-life insurance products, as they cannot be taken in installments. So, we are planning to come out with a discussion paper and hope to come out with some regulations in one month,” said Nilesh Sathe, member-life, Irdai.

In the last few years, non-life insurance has witnessed growth in the motor segment, but people are not buying health and home insurance products largely owing to a lack of awareness.

“We are still a under-penetrated market in terms of insurance as a large section of people are still under-insured. It came to light after a number of catastrophic events that people as well as many small and medium enterprises do not have proper insurance. We believe premium financing will help the industry grow into semi-urban and rural areas,”said a senior member of a general insurance company.

The general insurance sector registered a growth of 13.8% in premium income for the last previous year. However, at 13.1%, the growth for private sector general insurance companies was higher than that for public sector insurance companies, which stood at 12.1%.

At the end of financial year 2015-16, the general insurance sector saw premium income at Rs 96,402.37 crore, compared with Rs 84,685.69 crore in 2014-15.

According to industry officials, premium financing might help investors take up more health insurance as its premiums here are high compared to other products. “In the last few years, we have seen cost of health cover rising and premium financing can help investors take more health insurance on a monthly or quarterly basis,” said the CEO of a leading insurance company.

09/07/2016

Central Vigilance Commissioner KV Chowdary is in favour of putting in place a network of systems for bank officials to verify the genuineness of data provided to them in KYC forms.

“While there are norms as to what are the things to be taken into account while taking a person as a customer, that you loosely call KYC, in the implementation of it, there are a number of shortcomings,” he told newspersons here on Friday.

Banks, at present, do not have an online facility to verify the documents given to them as there is a possibility of frauds submitting a fabricated or morphed identity proof, like PAN card or driving licence, he said.

“I take it, in bona fide belief, that the paper given to me is the right paper. If there is connivance, we can punish the bank manager. But, if he is being cheated, he is himself the subject of the fraud. He is not the creator of the fraud.

“So, we need to bring systems in place, where a document is produced, there should be an easy and quick way of verification of that document with reference to the original. If that is not done, then frauds will keep on happening,” Chowdary said.

Having a copy of Aadhaar card helps, but the bank officials should have a methodology by which they can access the Aadhaar system and verify the correctness of the data.

“So, that kind of a networking of various databases is required if the system is to be foolproof,” he said.

Chowdary was speaking on the sidelines of the 13th anniversary of Vigilance Study Circle, a professional body established here to spread awareness on vigilance and to improve the knowledge and skills of vigilance professionals.

Earlier in his address, the CVC said technology or automation can only be an enabler to enhance effectiveness and cannot prevent frauds on its own.

“Technology is like a servant to us. We can successfully use it to either reduce frauds or find out the frauds,” he said, citing some examples.

There should be systems in place which would send “alerts or red flag indicators” to the top management in the event of diversions, he added.

The CVC appealed to the public to stay away from corruption and to go by the rules and laws.

09/07/2016

South Indian Bank has registered a 46 per cent growth in its net profit at ₹95.06 crore in the first quarter of FY17 against ₹65.29 crore in the corresponding period last year.

The bank’s total business increased by ₹8,769 crore to ₹99,913 crore, achieving a growth of 9.62 per cent. Deposits rose ₹5,565 crore to ₹57,889 crore, logging a growth of 10.64 per cent. Current account and savings account (CASA) deposits increased by ₹1,798 crore to ₹13,454 crore, and these now stand at 23.24 per cent of total deposits.

NRI deposits as a percentage of total deposit increased to 25.95 per cent from 23.31 per cent.

Total advances rose ₹3,204 crore to ₹42,024 crore, registering a growth of 8.25 per cent.

Growth was driven by increased lending to the agriculture, small and medium enterprise (SME), housing and auto sectors, which registered substantial growth year-on-year. Agriculture and SME advances rose 22 per cent, while home and auto loan portfolios increased by 19 per cent and 28 per cent, respectively. Net non-performing assets (NPAs) remained flat on a sequential basis.

VG Mathew, Managing Director and CEO, attributed the better performance in a challenging environment to the realignment by the bank of its business strategies with emphasis on retail lending and CASA deposits. The asset quality stress in the corporate sector has come down substantially due to systematic reduction of stressed assets.

As on June 30, the capital adequacy ratio stood at 11.68 per cent.

The bank has appointed International Finance Corporation (IFC) as a consultant for providing advisory support for augmenting business across various verticals, including retail, agriculture and SME.

The stock ended up by 1.57 per cent at Rs. 22.60 on the BSE.

07/06/2016

Arun Jaitley using ED, Income Tax department against me: Amarinder Singh

Punjab Congress chief Amarinder Singh today accused Union Finance Minister Arun Jaitley of “using” the Enforcement Directorate and Income Tax department against him and his family and claimed there was no illegality in any transaction.

The ED has summoned Amarinder’s son Raninder, in connection with its probe against him for alleged forex contraventions and holding of untaxed foreign assets.

“He (Jaitley) has ED, Income Tax department under his ministry and is using those against me and my family members to avenge his defeat (from Amristar Lok Sabha seat),” he alleged.

“Next time, the ED may summon me…this will be built up till (Punjab) elections. This has been happening because elections are round the corner..after seven months they will forget it,” Amarinder claimed.

“I also got a notice from the Income Tax department when I was in the USA. I have replied to that. They can call the ED, Income Tax…we will come out clean,” he asserted, adding “There is no illegality and no breaking of Indian law at all.”

According to official sources, Raninder has been summoned by the ED to explain the alleged movement of funds to Switzerland and creation of a trust and a few subsidiaries in the tax haven of British Virgin Islands.

The said instances have earlier been investigated by the Income Tax department and a case in this regard is currently in court in Punjab. The next hearing in this case is slated for July 26.

Amarinder claimed that investigating agencies did not find anything wrong against him and his family members when the issue came up in 2005.

The Lok Sabha MP from Amritsar alleged that even Narendra Modi had spoken against him in Barmer during Lok Sabha elections in 2014 in order to help Jaitley win polls in Amritsar.

“When the BJP formed government, Jaitley asked a very senior officer to register a case against me within two months. The officer after few months even told him that there was nothing wrong against me,” he claimed.

“He (Jaitley) is a petty man. They have done it with P Chidambaram, Virbhadra Singh,” Amarinder alleged.

To a query on the role of Congress leader Jagdish Tytler in the anti-Sikh riots, Amarinder said that he had not heard his name from the victims of the violence in Delhi between November 1 to 4, 1984.

“Names of five people came up, who were Sajjan Kumar, H K L Bhagat, Dharamdas Shastri, Lalit Maken and Arjan Das. The name of Tytler appeared when he fought elections against Madan Lal Khurana in Delhi. If his name (Tytler) comes up during investigation, then hang him,” he said.

On the issue of pro-Khalistan slogans raised in the Golden Temple today, on the 32nd anniversary of Operation Bluestar, Amarinder said people now do not care about such slogans.

He criticised SAD(Amritsar) chief Simranjit Singh Mann for raising such slogans in the Golden Temple and accused SAD of “raking up the issue of Operation Bluestar when elections come near”.

Congress President Sonia Gandhi and former Prime Minister Manmohan Singh had already expressed regret regarding Operation Bluestar, Amarinder claimed.

Meanwhile, senior Congress leader Laal Singh said the party will hold three dharnas over various issues including the “deteriorating” law-and-order situation in Punjab.

The first dharna will be held in Gurdaspur on June 8 against the alleged non-payment of Rs 250 crore to farmers, another in Jalandhar on June 13 against the “deteriorating law-and-order situation in the state, while the third one will be held in Lambi on June 18 against the alleged recruitment scam, he said.

The state Congress has also decided to launch a campaign to make people aware about the “failures” of the Central government and Punjab government on various issues including law and order, rising debt, farmers suicides.

All Assembly constituencies will be covered in 45 days starting form from June 24, for which the state has been divided into six zones and all party workers will be mobilised, Singh said.

The state Congress unit also announced formation of various committees including agriculture committee, manifesto input committee, Dalit welfare committee etc and Amarinder Singh said informing that committees will be announced shortly.

07/06/2016

Reserve Bank of India Governor Raghuram Rajan will unveil on Tuesday central bank’s bi-monthly policy review amid speculations over his second term. Markets and experts are speculating on “will he, won’t he” go for a rate cut. His press conference after the unveiling of policy review will be keenly watched as he may be quizzed by the media over his tenure.

The RBI is widely expected to keep its policy interest rate unchanged at a five-year low of 6.50 per cent on Tuesday.

Below are the 5 things to watch for ahead of the RBI monetary policy review meet:

– Economic growth: Although Indian economy grew 7.9 per cent in the March quarter maintaining its ranking as the world’s fastest growing large economy, Rajan stands on growth will be keenly watched as faster growth is needed to create jobs.

– Rate cut: Raghuram Rajan’s stand on interest rates will be keenly watched. The central bank had announced a 25 basis points repo rate cut in its last policy review on April 5, 2016. Analysts expect a status quo on key policy rates.

“The RBI is expected to maintain the status quo in its monetary policy review meeting on June 7. A higher-than-expected April CPI print, the upcoming Fed meet and the Brexit referendum are all likely to keep the central bank in wait-and-watch mode,” Religare Institutional Research said.

– Inflation: The central bank is also likely to be cautious due to the recent rise in the headline CPI reading. Unfavourable weather pushed April CPI inflation to 5.4 per cent yoy. Religare said monsoon forecasts have been encouraging and inflation will likely slow in H2-FY17. The central bank will watch for initial progress on rains and for more clarity on external-sector developments before making policy decisions.

Raghuram Rajan’s press conference: The RBI Governor’s press conference will hold significance today amid speculation over his tenure. While there were conflicting reports in the media over the possibility of a second term, his reaction during media interaction will be in focus.

Impact of global factors: Raghuram Rajan will also talk about global factors that will set the course for next policy review in August this year. The central bank will keenly watch the US Fed meet slated on June 14-15 as the American central may delay an interest rate rise due to concern over economic fallout of Britain’s impending vote on whether to leave the European Union. Oil prices will also be a deciding factor with the prices topping $50 per barrel, signalling at inflationary pressures.

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