1. Lok Sabha passes Bill for speedier recovery of bad loans

Lok Sabha passes Bill for speedier recovery of bad loans

The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, passed by by the Lok Sabha on Monday, seeks to amend four laws — Sarfaesi Act, DRT Act, Indian Stamp Act and Depositories Act.

By: | New Delhi | Updated: August 2, 2016 6:58 AM
To expedite resolution of bad loans in the banking sector, the Lok Sabha on Monday approved a composite Bill to amend four laws related to loan recovery, debt recovery tribunals, stamps and depositories. (Reuters) To expedite resolution of bad loans in the banking sector, the Lok Sabha on Monday approved a composite Bill to amend four laws related to loan recovery, debt recovery tribunals, stamps and depositories. (Reuters)

To expedite resolution of bad loans in the banking sector, the Lok Sabha on Monday approved a composite Bill to amend four laws related to loan recovery, debt recovery tribunals, stamps and depositories.

The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, passed by by the Lok Sabha on Monday, seeks to amend four laws — Sarfaesi Act, DRT Act, Indian Stamp Act and Depositories Act.

The legislative changes assume importance at a time when public sector banks are grappling with NPAs amounting to about R4.76 lakh crore at the end of March, 2016. Bankers are finding it tough to recover about R9,000 crore from liquor baron Vijay Mallya, who has left the country to take refuge in the UK.

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