The six-member body, headed by Canara Bank Chairman T N Manoharan, has been set up to review the existing state of the market for loan sale/transfer in India as well as the international experience in loan trading, it said.
The CPI(M) also called it “cronyism of the highest order”. Party general secretary Sitaram Yechury said neither the banking sector nor the Reserve Bank of India has disclosed identity of borrowers whose loans were written off by banks.
The Congress president, at the rally, said that the “PM is right when he says he has worked a lot” for the country in last five years. “Indeed, he has worked a lot, but only for the rich. The Chowkidaar is always at service of the rich and the mighty,” Rahul Gandhi said.
The RBI has asked certain banks referring 12 accounts with fund and non-fund based outstanding amount more than Rs 5,000 crore and with 60 per cent or more as non-performing by March 2016 to start insolvency process, Minister of State for Finance Shiv Pratap Shukla said.
While responding to a question seeking names of companies whose loans have been restructured, Finance Minister Arun Jaitley said amount of restructured corporate loans came down to Rs 2,04,884 crore in the last financial year.