India’s financial regulator will gain new powers to order banks to clean up as much as $180 billion of soured loans on their balance sheets, which has been choking credit and weighing on growth.
With the new rules bolstering its regulatory authority, Reserve Bank of India, is seeking to resolve the country’s 60 largest delinquent-loan cases in about nine months, a person familiar with the matter said. The central bank is also planning to set up a secretariat to oversee the resolution process and will unveil details in two weeks, the person said, asking not to be identified as the information isn’t public.
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