Notwithstanding rising bad loan problems in the system, sale of stressed assets to asset reconstruction companies (ARCs) in 2015-16 was only a trickle of the NPA mount at 2 per cent of the total of nearly Rs 5.8 trillion, which is down a whopping 20 percent from previous year, says a report.
Central government employees' unions Wednesday deferred by four months their proposed indefinite strike from July 11 against 7th pay panel's recommendations after government agreed to set up a high-level committee to look into their grievances.
Gangwar, who was yesterday shifted from the Textile Ministry to the all-important Finance Ministry, assumed charge today along with Arjun Ram Meghwal, who has also been made a Minister of State in the Finance Ministry.
Underlining that India's 7.5 percent growth rate may be "overstated", the US has said the Narendra Modi government has been "slow" to match its rhetoric in economic reforms even as it appreciated measures taken by it in areas like bureaucracy and easing FDI restrictions.
The Union Cabinet on Tuesday approved a proposal to extend a three percent interest subvention scheme to banks for the current fiscal to ensure farmers get short-term crop loans up to Rs 3 lakh at seven percent interest.