RBI nearly done with listing loans for resolution through bankruptcy: Arun Jaitley

Posted On Monday, 12 June 2017 09:15

arun-jaitleyReserve Bank of India (RBI) is at an advanced stage of preparing a list of bad loans where resolution is required under the country's insolvency and bankruptcy rules, Finance Minister Arun Jaitley said on Monday.

Last month, India tweaked its laws to help tackle a record $150 billion in troubled bank debt. The government has authorised the RBI to direct banks to initiate an insolvency resolution process in the case of a default under provisions of the bankruptcy code. "The RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the IBC (Insolvency and Bankruptcy Code) process and you'll shortly be hearing about it," Jaitley told reporters after meeting bank chief executives.

New source: TOI news

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