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Sarfaesi Act News
Monetary limit for filing cases in Debt Recovery Tribunals (DRT) doubled to Rs 20 lakh
Fri, Sep 07, 2018
The Central government has raised "the pecuniary limit from Rs 10 lakh to Rs 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions," said a Finance Ministry notification.
RBI to resolve bad loans of nearly 1,500 accounts with PSBs
Mon, Jan 08, 2018
As of September 2017, PSBs' gross non-performing assets (GNPA) stood at Rs 7.34 lakh crore.
Disclose names of defaulters, suggests parliamentary panel
Fri, Dec 22, 2017
There is an urgent need for banks to reduce stressed assets and clean up the balance sheets which would increase their ability to raise capital and improve credibility, the Committee on Petitions said in its report tabled in Parliament today.
NPA issue: Can IBC help govt, RBI to deal with the problem?
Fri, Dec 22, 2017
RBI is also identifying wilful defaulters for IBC resolution under the National Company Law Tribunal (NCLT). So far, it has identified 40 wilful defaulters of banks in two lists.
PSU banks took recovery action against 5,954 wilful defaulters, FinMin says
Sun, Aug 27, 2017
Total outstanding loans due to public sector banks by wilful defaulters amounted to Rs. 92,376 crore, according to the finance ministry data.
Arun Jaitley tells parliament: 9,130 wilful defaulters owe Rs 91,155 crore to banks
Fri, Mar 17, 2017
Jaitley said that from out of the all the defaulters, suits against 8,364 have been filed with loan amounting to Rs 85,258 crore. FIRs on 2,024 defaulters with loan of Rs 29,557 crore have been initiated, the parliament was told.
RBI's Viral Acharya says immediate need to resolve bad loans
Wed, Feb 22, 2017
"Since the RBI initiated the Asset Quality Review (AQR) of banks in the second half of 2015, it appears that possibly up to a sixth of public sector banks’ gross advances are stressed (non-performing, restructured or written-off), and a significant majority of these are in fact non-performing assets (NPAs)," said Acharya.
Sarfaesi provisions can help resolve NPAs of NBFCs faster: Icra
Sun, Sep 18, 2016
Domestic rating agency Icra has said the decision to extend provisions of the Sarfaesi Act to loans given by non-banking finance companies will help bring down delinquencies and may result in cheaper funds for borrowers.