President signs ordinance giving RBI more power to fix bad loans

Posted on:05 May 2017 15:32:03
President signs ordinance giving RBI more power to fix bad loans
05 May 2017 Current Affairs:

  • President Pranab Mukherjee signed an ordinance giving more power to the Reserve Bank of India(RBI) to deal with the growing problem of non performing assets (NPA).

  • The ordinance amends Section 35A of the Banking Regulations Act.

  • After a cabinet meeting chaired by Prime Minister Narendra Modi , Finance Minister Arun Jaitely declared that a major decision was taken related to the banking sector.


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