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Govt Clears New Ordinance to Deal With Loan Defaulters

Finance Minister Arun Jaitley said that the Cabinet on Wednesday had taken “important decisions” regarding the banking sector and sent the recommendations to the President for his assent.

However, the details of the decisions cannot be made public till such time as the President signs off on the recommendations, Jaitley said at a press conference after the cabinet meeting.

The ordinance is likely to get the Presidential nod tonight and the details may be made public tomorrow, CNBC TV18 reported.

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