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RBI to direct banks to start bankruptcy proceedings against 12 defaulters

Reuters  |  MUMBAI 

MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Tuesday it has identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia's third-largest economy.The move comes about a month after the government gave the RBI greater power to deal with bad loans, including directing banks to initiate an insolvency resolution process in the case of a default under the bankruptcy code.The RBI said the 12 accounts constituted about 25 percent of the overall gross non-performing assets, ...

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First Published: Wed, June 14 2017. 11:06 IST
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