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RBI Cracks Down On Defaulters, Prepares Second List Of 40

न्यूज़ वर्ल्ड इंडिया | 0
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| August 30 , 2017 , 18:25 IST

Just days after the Reserve Bank of India (RBI) asked banks to initiate insolvency proceedings against the country's top 12 defaulters, the government body has drawn out the second list of defaulters, only this time it includes 40 of them.

Earlier, the government institution had identified 12 big defaulters and was initiating bankruptcy proceeding against them.

RBI had said that it has identified 12 large loan defaulters who account for 25 per cent of the total NPAs in the banking sector and those will be referred to respective banks for filing insolvency proceedings. These cases will be accorded priority by the National Company Law Tribunal (NCLT).

The RBI had asked the banks to initiate bankruptcy proceedings against these defaulters under Insolvency and Bankruptcy Code within four months.

ALSO READ: Public Sector Banks Take Recovery Action Against 5,954 Wilful Defaulters

According to a media outlet source, all the bank have received a separate list of defaulting companies where they have a possible exposure. While the total size of the borrowings is not yet known, these loans are estimated to sum up close to 1/3rd of all non-performing assets.

According to sources at banks, Videocon, Monnet Power, Uttam Galva are among the companies whose name are being circulated on the list.

Back in June, the RBI had also given six months to lenders to finalise resolution plans for their non-performing accounts that are not on the initial list.

According to reports, the 12 names identified by RBI amount to overall dues of Rs 1.75 lakh crore, representing 25% of the bad loans in the country's banking system. The recent steps by the RBI come as the country seeks to resolve more than $150 billion in stressed assets in Asia's third-largest economy, that are delaying the private investments needed to boost economic growth.

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