The Reserve Bank of India (RBI) is working very closely with the government on a $32.43 billion bank recapitalization plan it had outlined in October to deal with huge bad loans at state-run lenders.
RBI Governor Urjit Patel said on Wednesday that the RBI was liaising closely with the government on the share of the recapitalization each bank would receive.
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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 recapitalization would be accompanied with a reform package to ensure the problems do not recur.
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