RBI at advanced stage of preparing list of top loan defaulters: Arun Jaitley
New Delhi: 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.
Speaking after meeting bank chief executives, Jaitley also said the government was working on consolidating state-run banks.
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.