Non performing assets of banks :More power to RBI

New Delhi: An ordinance giving greater powers to RBI to control non performing assets of banks has been approved. President Pranab Mukherjee gave approval to the ordinance brought by the Central Government in the banking regulation law. he Central government may by order authorize the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default.The central bank may, from time to time, issue directions to banking companies for the resolution of stressed assets.

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