RBI to authorizeThe promulgation of the Banking Regulation Amendment
Posted on:06 May 2017 15:18:00
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06 May 2017 Current Affairs:
The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process.
The recent enactment of Insolvency and Bankruptcy Code (IBC), 2016 has opened up new possibilities for time-bound resolution of stressed assets.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act(SARFAESI) and Debt Recovery Acts amended to facilitate recoveries for timely resolution of stressed assets.
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