Parliament passes Banking Regulation Bill for
non-performing assets
The Rajya Sabha passed the Banking Regulation (Amendment)
Bill, 2017, which will enable the government to empower the RBI to direct
lender banks to act against big loan defaulters.
The bill, which amends
the Banking Regulation Act, 1949, will replace the Banking Regulation
(Amendment) Ordinance, 2017.
The Lok Sabha had passed
the bill earlier.
Introducing the bill in
the Rajya Sabha, Union finance minister Arun Jaitley said the delay in the
legislation to empower the Reserve Bank of India (RBI) to direct lenders to act
against big defaulters was hindering the banks’ capacity to support growth.
Once it becomes a law, the central government may
authorise the RBI to issue directions to the banks to initiate proceedings in
case of loan repayment default. These proceedings would be under the Insolvency
and Bankruptcy Code, 2016.
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