NPA resolution: PMO takes stock of progress

The meeting was chaired by PM’s additional principal secretary P K Mishra and attended by senior officials, including financial services secretary Anjuly Chib Duggal and corporate affairs secretary Tapan Ray.

By: ENS Economic Bureau | New Delhi | Updated: June 20, 2017 2:16 am

The Prime Minister’s Office on Monday held a meeting with senior officials of the ministries of finance and corporate affairs to monitor the progress and the preparedness of institutional mechanisms to resolve the issue of massive toxic assets with banks.

The meeting was chaired by PM’s additional principal secretary P K Mishra and attended by senior officials, including financial services secretary Anjuly Chib Duggal and corporate affairs secretary Tapan Ray, who also holds the additional charge of the secretary of economic affairs, a source said.

The meeting discussed various steps taken by the government as well as the central bank to handle non-performing assets, including measures on the resolution of non-performing assets (NPAs) through the insolvency and bankruptcy code and the RBI’s move last week to recommend 12 accounts totalling 25 per cent of bad loans for proceedings under the IBC, said the source.

FE

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