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Finance Secretary Ashok Lavasa on Thursday expressed hope that amendments to the Banking Regulation Act will help in faster resolution of bad loans.
“It is not possible for me to put down a number on how the non performing assets will go down but certainly we feel that these changes will make the system more effective in handling the bad loans," he told reporters.
The Union Cabinet had on Wednesday approved promulgation of an Ordinance to amend the Banking Regulation Act for faster resolution of the NPA crisis.
While Lavasa did not share details of the proposed Ordinance, he said using professionalism of banks and participation of the promoters; many cases are likely to be resolved soon.
He also expressed confidence that there is sufficient appetite in the market for stressed assets.
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