Finance minister Arun Jaitley said that apart from the introduction of insolvency and bankruptcy code, the government has amended the laws for debt recovery tribunal and allowed 100% FDI in asset reconstruction companies. File photo: MintMumbai: Finance minister Arun Jaitley on Thursday introduced the Banking Regulation (Amendment) Bill, 2017 in Rajya Sabha. The bill seeks to amend the Banking Regulation Act, 1949 and replace the Banking Regulation (Amendment) Ordinance, 2017, which was promulgated on 4 May. “It is already too late... capacity of banks to support growth is impacted,” said Jaitley in the house. Subsequently, the central bank advised banks to set aside 50% provisioning against secured exposure and 100% against unsecured exposure in all cases referred for bankruptcy.

Source: Mint August 10, 2017 14:37 UTC