Facing criticism on slow progress in acting against those who figure in the **n-performing assets of banks list, the union Cabinet today cleared an ordinance empowering the Reserve Bank of India (RBI) to act against wilful defaulters. The ordinance has been sent to the president for approval. The ordinance is aimed at empowering RBI to deal more effectively with stressed assets than earlier. A senior finance ministry official said "Its part of a broader plan to resolve bad loans with banks' issue that has been a major hurdle in the eco**my from achieving its full potential."
05-31-2017, 12:00 AM
Cabinet clears new policy to fast-track action against India's rising bad loans
Facing criticism on slow progress in acting against those who figure in the **n-performing assets of banks list, the union Cabinet today cleared an ordinance empowering the Reserve Bank of India (RBI) to act against wilful defaulters. The ordinance has been sent to the president for approval. The ordinance is aimed at empowering RBI to deal more effectively with stressed assets than earlier. A senior finance ministry official said "Its part of a broader plan to resolve bad loans with banks' issue that has been a major hurdle in the eco**my from achieving its full potential."
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