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This is an archive article published on May 3, 2017

Cabinet clears ordinance to amend Banking Act to tackle NPAs

PSBs are saddled with non-performing assets or bad loans to the tune of a staggering Rs 6 lakh crore.

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npa, cabinet, amendment, banking act, non-performing assets, finance minister, arun jaitley, defence minister, banking sector, bad-debts, bad-loans, loans, debts, banking and finance news, business news, indian express news Without giving details, Finance Minister Arun Jaitley said Cabinet has taken some important decisions in respect of banking sector. (Representational Image)

The Cabinet on Wednesday approved promulgation of an ordinance to amend the Banking Regulation Act for resolution of the NPA crisis facing public sector banks, top sources said.

PSBs are saddled with non-performing assets or bad loans to the tune of a staggering Rs 6 lakh crore.

Without giving details, Finance Minister Arun Jaitley said the Cabinet has taken some important decisions in respect of the banking sector.

“There is a convention that when some proposal is referred to the President, then details of it cannot be disclosed till it is approved. As soon as approval comes, details will be shared,” he said.

 

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