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ICAI Proposes Central Agency for Big Loans
July 12, 2018
The Institute of Chartered Accounts of India (ICAI) has suggested establishing a central agency that comprises of experts and accountants from a variety of fields that can assess big loan applications before the banks give the final nod.
ICAI President Sanjay Gupta said that the finance ministry should look into setting up a central agency that appraises big loan applications for the banks.
ICAI’s recommendation comes at a time when the banking sector is under a massive burden of bad loans and wilful defaults. The NPAs stood at a little over Rs. 9 lakh crores by the end of December 2017.
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