(PTI)
The government and the Reserve Bank will have to bring in a new set of regulations to ensure that borrowers repay their debt on time following the Supreme Court striking down an earlier rule of the monetary authority, Niti Aayog chief executive Amitabh Kant. Amidst a rash of announcements over income support schemes, the bureaucrat also stressed on the need to ensuring higher growth to fund such dole-outs. With the Supreme Court striking down (the February 12, 2018 RBI circular on NPAs) as ultra wires, the issue needs to be re looked by both the RBI and government to arrive at a new regulation that will ensure that financial discipline from borrowers should continue, he told reporters. Speaking on the side-lines of a conference of the world federation stock exchanges here, Kant said such a move ensuring timely repayment and resolution of stressed assets is essential for long-term growth.
