SC asks FinMin to explain NPAs recovery mechanism
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Supreme Court has asked Union Finance Ministry to inform it about the mechanism in place for recovery of huge Non-Performing Assets (NPAs). The apex court asked the ministry to inform as to what safeguards it is bringing in to curb bad debt. Supreme Court also observed that if the present system would have been perfect then banks would not have huge outstandings.
Chief Justice TS Thakur observed that such huge outstanding bad loans shows that something is missing, something is not working. The apex court has also asked Reserve Bank of India and Indian Banks Association to respond to the steps being taken to tackle the problem. The government told the court that some amendments are already in the offing and Bankruptcy Code will soon be put in place. #casansaar
Chief Justice TS Thakur observed that such huge outstanding bad loans shows that something is missing, something is not working. The apex court has also asked Reserve Bank of India and Indian Banks Association to respond to the steps being taken to tackle the problem. The government told the court that some amendments are already in the offing and Bankruptcy Code will soon be put in place. #casansaar
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