RBI required empowerment with relation to specific stressed assets: Jaitley

RBI is now authorised to initiate bankruptcy proceedings for stressed assets, Jaitley said

Reserve Bank has been given powers to identify specific loans gone bad and enforce quicker resolution with the government amending the banking law through an executive order, Finance Minister Arun Jaitley said today.

President Pranab Mukherjee last night signed the ordinance to amend the Banking Regulation Act, giving RBI powers to direct banks to initiate insolvency and bankruptcy in case of default, he told reporters here.

He said a list of some of the stressed assets is already with the RBI and it is looking into it.

"Present status quo cannot continue. And the present status quo is