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Upper house passed Banking Regulation (Amendment)Bill

The Banking Regulation (Amendment)Bill which empowers the Reserve Bank of India to issue instructions to the banks to act against major defaulters was passed by the Rajya Sabha. The bill was passed earlier by the Lok Sabha which replaced the Banking Regulation (Amendment) ordinace,2017.

Finance minister Arun Jaitley reply on the bill:
There was nothing wrong in banks giving out loans and trying to recover them. It was only on the strength of the banking finance that businesses expanded, jobs were created and the economy moved on.
On Demands for making the names of big defaulters public, he said it was being done in the case of willful defaulters. Only in cases of normal commercial transactions were the names not made public.

On the issue of Panama cases, he said action had been taken pertaining to all foreign account details that had come.

On stressed assets, he said non-performing assets (NPA) stood at Rs. 6.41 lakh crore by March this year. They were growing because of accumulated interests. Along with the stressed assets, they amounted to over Rs. 8 lakh crore.

On the insolvency law, he said it provides for a window of 180 days for debtors to settle the matter or face eviction and subsequent takeover of management by debt reconstruction companies, things had started improving. Debtors were now coming forward to settle unresolved issues with lenders.

He identified Steel, Infrastructure, Power and Textiles as the sectors with the most NPAs. Public sector banks were hit the most as big industrial and infrastructure programmes were supported by them in the hope that there would be further expansion.

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