(PTI)
With ordinance in place, Finance Minister Arun Jaitley on Monday said the RBI is at a fairly advanced stage of preparing a list of borrowers where NPA resolution is required under the insolvency law and action on this front is expected soon. The ordinance was promulgated last month amending the Banking Regulation Act, 1949, to empower the Reserve Bank of India to resolve the thorny issue of non-performing assets (NPAs) or bad loans.
The government empowered the RBI to ask banks to initiate insolvency proceedings to recover bad loans and promised more measures to resolve the NPA problem. “Under the new ordinance issued, the RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the Insolvency and Bankruptcy Code (IBC) process. You will be shortly hearing about it … The RBI is actively working on that,” he said after meeting heads of PSU banks here.
