Jaitley introduces bill empowering RBI to resolve bad loans
Finance Minister Arun Jaitley on Monday introduced the Banking Regulation (Amendment) Bill, 2017 in the Lok Sabha. The bill empowers RBI to ask any bank to initiate insolvency proceedings and give directions for resolution of stressed assets. RBI has already identified 12 large bad loan accounts and National Company Law Tribunal has admitted bankruptcy proceedings against five of them.