Contact Your Financial Adviser Money Making MC
2
August 2017
The
Reserve Bank of India (RBI) on Wednesday said it was working on the next steps
for the resolution of the stressed assets or non-performing assets (NPAs). The Total Investment & Insurance Solutions
"We
are working on the next steps on NPAs, for resolution of the stressed
assets," RBI Deputy Governor N.S. Vishwanathan said here at a press
briefing after the monetary policy review.
The
government in May had passed the Banking Regulation (Amendment) Ordinance,
2017, that allowed more power to the RBI to tackle the NPAs' issue. It has been
empowered to issue directions to commercial banks to initiate insolvency
proceedings for recovering bad loans.
The
RBI's IAC (Internal Advisory Committee) has chosen top 12 NPA accounts for
insolvency which has outstanding debt of above Rs 5,000 crore, Essar Steel
being one of them.
Essar
Steel had a debt of Rs 45,655 crore, of which Rs 31,671 crore had turned NPAs
for banks by March 31, 2016. This increased to Rs 32,864 crore by March 31 this
year.
The
NPAs, or bad loans, of state-run banks at the end of last September rose to Rs
6.3 lakh crore (almost $100 billion).The Total
Investment & Insurance Solutions
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