The powers of RBI under 35AA and other sections of the Banking Regulation Act are not under doubt at all, Governor Shaktikanta Das said on the Supreme Court decision to quash RBI's February 12 circular on the resolution of stressed assets.
"In light of SC order, the RBI will take necessary steps including the issuance of a revised circular as may be necessary for the effective resolution of stressed assets," the Reserve Bank of India chief told the media.
"What the Supreme Court basically said is that the powers of the RBI under Section 35AA of the Banking Regulation Act has to be exercised in a particular manner.
"The validity of the section stands and henceforth we have to comply with the direction of the Supreme Court."
--IANS
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