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June 3, 2020

RBI director raised questions on Modi government’s relief package

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New Delhi: Satish Kashinath Marathe, a director of the Reserve Bank of India (RBI) and associated with the Rashtriya Swayamsevak Sangh, has questioned the Modi government’s relief package to deal with the Corona Mahmari. He said that a three-month moratorium is not sufficient and softening in the NPA should have been included in the relief package.

He tweeted that, ‘Relief package is good and progressive thinking, but it has failed to include banks as advance warriors in reviving the economy. Three months moratorium is not enough. NPA, softening in provisioning etc. should have been included in the relief package so that the country can once again be taken on the path of progress. He also said that the government’s relief package is unlikely to increase demand because more emphasis has been laid on the supply side.

Marathe started his banking career with Bank of India (BOI). He also served as Chairman and CEO of The United Western Bank from 2002 to 2006 and before that, from 1991 to 2001, he was CEO of Jan Kalyan Cooperative Bank Limited. He is a founding member of Sahakar Bharti, an NGO working in the cooperative sector. It is actually a voluntary organization related to the Rashtriya Swayamsevak Sangh.

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