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Cabinet clears ordinance to tackle Rs. 9.64 trillion bad loans at India’s banks
May 09, 2017
- The cabinet on Wednesday decided to amend the Banking Regulation Act to put in place a scheme to resolve stressed assets in the banking system totaling about Rs. 9.64 trillion as of end- December and enable this capital to be redeployed productively in the economy.
- A proposal to amend the Bill has been sent to President Pranab Mukherjee, who is expected to sign an ordinance to that effect shortly, perhaps as early as Wednesday night, a person with knowledge of the development said on condition of anonymity.
- “There is a convention that when some proposal is referred to the President, then details of it cannot be disclosed till it is approved. As soon as approval comes, details will be shared,” the minister said.
