Lok Sabha passes bill to amend banking regulation law

The Lower House of Parliament, on Wednesday, passed a bill to replace the NPA ordinance, which was promulgated on May 7 this year.

The Lower House of Parliament, on Wednesday, passed a bill to replace the NPA ordinance, which was promulgated on May 7 this year.
 
The bill “The Banking Regulation (Amendment) Bill, 2017” will amend the Banking Regulation Act, 1949.
 
Discussing the bill in Lok Sabha, Finance Minister Arun Jaitley said the RBI referred 12 cases to the banks to be taken up for insolvency proceedings in the first round.
 
“In all the 12 cases, the insolvency process has been initiated. Shortly, we expect to see the process of resolution in these 12 cases,” Jaitley was quoted as saying by BusinessLine.
 
The minister said the RBI is expected to refer more cases to the banks, for them to be taken up for the insolvency process.
 
Source: Business Line

Add new comment