RBI Required To Be Empowered To Deal With Stressed Loans: Arun Jaitley
The government on Friday gave wide-ranging legislative powers to the Reserve Bank of India to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans. Finance Minister Arun Jaitley addressed a media briefing. The Reserve Bank of India, the minister said, is required to be empowered to deal with stressed loans.
Here are the highlights:
- Banks need to be in robust position to support growth
- RBI required to be empowered in relation to specific stressed assets
- Section 35A of Banking Regulation Act deals with policy directives
- We felt necessary that RBI be empowered in this regard
- Ordinance authorises RBI to initiate procedures on stressed assets
- Objective of Banking Act amendment is that present status quo cannot continue
- A paralysis in the name of autonomy is detrimental to the economy
- Measures under this empowerment taken by RBI will be binding
- This won't infringe on commercial freedom of banks
- Health of banks, system responsibility of RBI
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