te Banking rules revamp to make bad loan resolution more effective, says finance secretary | Zee Business

Banking rules revamp to make bad loan resolution more effective, says finance secretary

Finance Minister Arun Jaitley said late on Wednesday that the federal cabinet had taken some significant decisions related to the banking sector, without revealing details saying the decisions needed Presidential assent.

Banking rules revamp to make bad loan resolution more effective, says finance secretary
A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu. Photo: Reuters

India`s revamp of its banking regulations will make the mechanism to deal with bad loans more effective, Finance Secretary Ashok Lavasa said on Thursday, although he declined to share details of the amendments.

Finance Minister Arun Jaitley said late on Wednesday that the federal cabinet had taken some significant decisions related to the banking sector, without revealing details saying the decisions needed Presidential assent.

Separately, a senior government source said the Banking Regulation Act is being amended through an executive order or ordinance.

TRENDING NOW

"The ordinance will enable banks and the RBI in the resolution of stressed asset cases," Lavasa said, adding the government would share details after the ordinance was notified.

The government and the Reserve Bank of India (RBI) have previously said they were working on new ways to resolve bad loans at banks that hit a record $150 billion as of December.

Written By: Reuters
Updated: Thu, May 04, 2017
01:52 pm
New Delhi, Reuters
RELATED NEWS
NPA rate under ECLGS at 4.8 per cent in March 2022: Report NPA rate under ECLGS at 4.8 per cent in March 2022: Report
Don't declare any account not in default till Aug 31 as NPA: SC Don't declare any account not in default till Aug 31 as NPA: SC
Exclude lockdown period while computing 90 days for NPA: Bombay HC Exclude lockdown period while computing 90 days for NPA: Bombay HC

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x