RBI begins to wield new banking clean-up powers
Central bank puts pressure on banking sector to carry through plans to address non-performing assets
The Reserve Bank of India (RBI) is piling pressure on banks to follow through with plans to clean up their balance sheets, after the government awarded it stronger powers on insolvency and resolution earlier this month.
The central bank has already launched some efforts to speed the decision-making process and force banks into action. “It was made clear to the banks that non-adherence would invite enforcement actions,” the RBI said in a circular on May 22.
The RBI says it is working on an
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