11:04 pm
The Reserve Bank of India said late on Monday it was withdrawing all its existing mechanisms for tackling bad debt at Indian banks and replacing them with a harmonised and simplified generic framework for resolving stressed assets.
The new system will force lenders to identify and tackle any stressed-asset accounts more rapidly, the regulator said.
Last year, India tweaked its laws to give the central bank more authority to push lenders to deal with the nearly $150 billion in troubled debt at banks, which has choked off new lending and slowed the economy.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.