Omnibus Law Soon For Arc, Securitisation, Foreclosures

The financial sector can finally look forward to get rid of the piling non-performing assets (NPAs) as the Centre is giving shape to the Reduction of NPAs in Banking & Financial Sector Bill, 2002.

The Bill will include three contentious issues: asset reconstruction company (ARC), securitisation and foreclosure laws. The banking division of the finance ministry will make a detailed presentation to C M Vasudev, secretary, economic affairs on this Bill on Friday. The Bill may be taken up in the monsoon session of Parliament.