December 6, 2017 / 9:38 AM / a year ago

India cenbank working closely with gov't on bank recapitalisation plan

MUMBAI, Dec 6 (Reuters) - The Reserve Bank of India (RBI) is working very closely with the government on a $32.43 billion bank recapitalisation plan it had outlined in October to deal with huge bad loans at state-run lenders.

India’s central bank Governor Urjit Patel said on Wednesday that the RBI was liaising closely with the government on the share of the recapitalisation each bank would receive.

Patel, speaking at a news conference after the RBI kept its policy rate unchanged at a more than seven-year low of 6.00 percent, stressed that the recapitalisation would be accompanied with a reform package to ensure the problems do not recur.

Reporting by Suvashree Choudhury and Devidutta Tripathy; Editing by Kim Coghill

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