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24
July 2017
Finance
Minister Arun Jaitley on Monday introduced a bill under which the Centre may
authorise the Reserve Bank of India to direct banks to initiate recovery
proceedings against loan defaulters. The
Total Investment & Insurance Solutions
The
Banking Regulation (Amendment) Bill will replace an ordinance that earlier
enabled this.
The
recovery proceedings would be under the Insolvency and Bankruptcy Code, 2016
that provides for a time-bound process to resolve defaults. The Total Investment & Insurance
Solutions
Trinamool
Congress member Saugata Roy opposed the introduction of the Bill. "It is a
desperate step by a desperate government," Roy said. The Total Investment & Insurance
Solutions
"The
same RBI is being authorised to regulate banks which has till date not been
able to give (the total) amount of money deposited in banks after
demonetisation," Roy said.
He
demanded the bill to be sent to a parliamentary committee.
Jaitley
responded saying that the objections raised by Roy had nothing to do with the
introduction of the bill. The Total
Investment & Insurance Solutions
"The
issues raised by him can be discussed when the bill comes up for
discussion," the Minister said, after which it was introduced in the
House.The Total Investment &
Insurance Solutions
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