Sitharaman to address media at 5pm, may speak on bad bank proposal

Finance Minister to speak in Delhi ahead of GST council meeting in to Lucknow tomorrow.

Finance Minister Nirmala Sitharaman will address the media Thursday at 5 pm in Delhi, said her ministry on Twitter. It didn’t give details but a media report said she is expected to make announcements about a proposal to set up a bad bank.

Clearing the path for the launch of National Asset Reconstruction Company (NARCL), the Cabinet is learnt to have approved the government guarantee on security receipts that will be used to buy bad loans of lenders. The Centre has earmarked about Rs 31,000 crore for this, Business Standard reported this morning.

The NARCL has been incorporated in