RBI deputy calls on government to tackle bankruptcy backlog
Courts are struggling to deal with caseload, putting progress on credit quality at risk, official says
India’s government should intervene to ease the backlog of cases piling up in the bankruptcy courts, a central bank deputy governor said today (January 17).
Swaminathan Janakiraman of the Reserve Bank of India told delegates at a conference in Mumbai that there was a “pressing need” for the authorities “to invest in building the capacity of adjudicating authorities”.
He added that the government might need to bring forward legislation to address shortcomings in the Insolvency and Bankruptcy Code
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