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Banking Regulation Act: Ordinance gives RBI powers to directly intervene in bad loan cases

The stressed loans resolution package being prepared by the government will empower the Reserve Bank of India (RBI) to directly intervene in settling bad loan cases, two people aware of the matter said.

The central bank can effectively ask banks to sit down with defaulters and reach a settlement as part of the package, aimed at accelerating a resolution of the Rs9.64 trillion in bad loans choking the banking system. The NPA problem is, to a large extent, confined to 50 large loan defaulters.

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