(Bloomberg) -- India is closing in on Italy for the dubious distinction of having the worst bad-loan ratio among the world's major economies. With the Reserve Bank of India forecasting a worsening in the nation's soured debt problem, acting Finance Minister Piyush Goyal said Monday that banks will consider setting up widely-held asset management companies to take over non-performing loans from lenders. The companies would take over delinquent accounts worth more than $73 million and bring in turn-around specialists to revive the assets before selling them to recover loans, according to a proposal from a government-appointed panel.
--With assistance from Anto Antony.
To contact the reporters on this story: Adrian Leung in Hong Kong at aleung206@bloomberg.net;Siddhartha Singh in New Delhi at ssingh283@bloomberg.net
To contact the editors responsible for this story: Arijit Ghosh at aghosh@bloomberg.net, Candice Zachariahs, Matt Turner
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