Sunil Mehta committee incorporated Sashakt India AMC for large NPAs over 500 crore rupees

For the resolution, an intercreditor agreement (ICA)has been made with 33 banks.
Arjun Manjunadha

Updated: Nov 19,2018 10:03:42 am

Sunil Mehta committee incorporated Sashakt India AMC for large NPAs over 500 crore rupees

19 November 2018 Current Affairs:Sunil Mehta committee released a statement for the formation of an asset management company (AMC) for resolving large bad loans.
The name of the AMC is Sashakt India Asset Management.
It was announced by Sunil Mehta, the chairman of a bankers’ panel working on a faster resolution of stressed assets in public sector banks on the sidelines of a CII-CFO summit held in Mumbai.
The company will follow a five-pronged strategy under Project Sashakt to tackle stress in the banking sector.
Under the project, the following will happen:
The AMC will have an Alternate Investment Fund (AIF)to resolve non-performing assets (NPAs) over Rs 500 crore.
The AIF will be formed engaging various potential investors including private sector banks.
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