Question: According to government estimates, Non-performing Assets of banks amount to over…
(a) 8 lac crore
(b) 9 lac crore
(c) 7 lac crore
(d) 6 lac crore
Answer:- (b)
Related facts:-
- On July 24, 2017, the Banking Regulation (Amendment) Bill, 2017 was introduced in the Lok Sabh by finance Minister Arun Jaitely .
- This Bill seeks to amend the Banking Regulation Act, 1949 and replace the Banking Regulation (Amendment) Ordinance, 2017.
- The Banking Regulation (Amendment) Ordinance, 2017, was promulgated in May this year.
- The new Bill will authorize the RBI to instruct banking companies to resolve the problem of stressed assets.
- The RBI would also be empowered to issue other directions for resolution, appoint or approve for appointment, authorities or committees to advise the banking companies for stressed asset resolution.
- Non-performing assets of banks have risen to over Rs 9 lakh crore and now RBI is being given power to refer the cases to Insolvency and Bankruptcy Board.
- Moving on fast-track, the RBI had in June identified 12 large loan defaulters who account for 25 per cent of the total bad loans in the banking sector.