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RBI to monitor performance of steel industry - Views on News from Equitymaster
 
 
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  • Aug 26, 1999

    RBI to monitor performance of steel industry

    According to newspaper reports, the Reserve Bank of India (RBI) has taken measures to monitor the health of the Indian steel industry on a regular basis. Initially, the bank plans to collect data on production, despatches and inventories at different steel plants.

    This move is instigated by the fact that most of the financial institutions and banks have large exposures, a part of which is currently classified as non-performing assets, to the steel industry. This could lead to these institutions shying away from making fresh loans to the sector, which is beginning to show signs of a recovery. The immediate concern of the central bank pertains to availability of adequate financing structure to the sector so that a recovery, if and when, is not nipped in the bud.

    The steel industry is likely to respond favourably to such a move. This is so because offlate, a number of steel companies have had problems in trying to get fresh loans from the financial institutions and banks. A case in point is Essar Steel, which defaulted on its debt obligations after it failed to get fresh loans from financial institutions.

    This move will put the steel sector directly under the purview of the RBI. As and when, RBI is able to ascertain with certainity that there is a turnaround in demand for steel products, it can 'push' the lending institutions to support the revival.

     

     

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