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Indian shares rise; banks up as RBI cracks down on bad debt


By Jessica KuruthukulangaraIndian shares rose on Monday as lenders such as State Bank of India gained after the central bank asked banks to start banktruptcy process against 12 large loan defaulters, raising hopes that reduction of bad debt will start to quicken.The Reserve Bank of India urged lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd and Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said.The RBI said it had identified the 12 defaulters last week, but did not publicise their names. "There is a ...

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First Published: Mon, June 19 2017. 12:42 IST