New Reserve Bank of India Governor Appointed
The outgoing Union Revenue Secretary, Sanjay Malhotra, has been appointed as the next Governor of the Reserve Bank of India (RBI), set to take office on Dec. 11 for a three-year term. To explain the importance and relevance of the country’s central bank, the following describes its role in our lives.
When Banks Write Off Massive Loan Amounts
Recently, the Indian government revealed in the Lok Sabha that Scheduled Commercial Banks (SCBs) have written off 10.6 trillion rupees in loans over the last five years, as reported by Business Line. This practice of loan write-offs, while not directly funded by the government, has far-reaching consequences for both the economy and the general public.