NEW DELHI: The government has asked the Reserve Bank (RBI) to set up a committee to look into the insuranceregulator's concerns that some of the instruments issued by banks to raise tier-II capital were perpetual and illiquid.
The Insurance Regulatory & Development Authority (IRDA) has also said that some of these instruments are flouting its investment norms. The committee will look into issue of and subscription to tier-II instruments under the new Basel-III capitalisation guidelines, a finance ministry official said.
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Wednesday, June 25, 2014
Government asks RBI to set up committee to look into banks' raising of Tier-II capital
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