No plans to introduce new denomination notes: RBI
The Reserve Bank of India on Sunday said it has no plans of introducing new denomination currencies.
- Mar 27, 2017,
- Updated Mar 27, 2017 3:26 PM IST
The Reserve Bank of India on Sunday said it has no plans of introducing new denomination currencies.
"Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage cashless transactions, which are helpful to the people," RBI Deputy Governor NS Vishwanathan said.
Earlier, Minister of State for Finance Arjun Ram Meghwal had informed the Parliament that the government is not planning to print Rs 5,000 and Rs 10,000 currency notes.
Referring to banks' non-performing assets (NPAs), or bad loans, Vishwanathan said that these are affecting the income and profit of banks.
"Banks cannot escape from the issue of controlling NPAs in their balance sheets," he said.
Banks are required to formulate their lending decisions by undertaking prudent assessment of the financial appetite and repaying capacity of the borrower, he added.
The Reserve Bank of India on Sunday said it has no plans of introducing new denomination currencies.
"Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage cashless transactions, which are helpful to the people," RBI Deputy Governor NS Vishwanathan said.
Earlier, Minister of State for Finance Arjun Ram Meghwal had informed the Parliament that the government is not planning to print Rs 5,000 and Rs 10,000 currency notes.
Referring to banks' non-performing assets (NPAs), or bad loans, Vishwanathan said that these are affecting the income and profit of banks.
"Banks cannot escape from the issue of controlling NPAs in their balance sheets," he said.
Banks are required to formulate their lending decisions by undertaking prudent assessment of the financial appetite and repaying capacity of the borrower, he added.