RBI Nearly Done Listing Loans for Resolution Through Bankruptcy: Arun Jaitley
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, Arun Jaitley said.
File photo of Union Finance Minister Arun Jaitley. (Image: PTI)
New Delhi: The Reserve 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 central bank 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.
The finance minister also said the government was actively working on consolidating state-run banks, although Monday's meeting did not discuss the topic.
Recommended For You
- Bharat Director Ali Abbas Zafar's Instagram and Twitter Accounts Hacked
- Watch: Airline Passenger Caught Using Toes to Scroll Through In-Flight Entertainment
- India Drawn Alongside Qatar in 2nd Round of 2022 FIFA World Cup and 2023 AFC Asian Cup Qualifiers
- People are Using FaceApp's Aging Filter to Compare Selfies with Photos of their Parents
- Concussion Substitutes Likely Make International Debut in Ashes: Report