 "Even as the banks were grappling with rising bad debts, the RBI in June 2017 listed 12 defaulters against whom it wanted bankruptcy proceedings to be invoked")
In September, after the annual review meeting with the chiefs of public sector banks, Finance Minister Arun Jaitley said that non-performing assets with these banks were on the decline and Rs 1.8 trillion worth of recovery of bad loans could happen during fiscal year 2019.
According to him, in the first quarter of the year, the lenders recovered Rs 365.5 billion. This is 49 per cent higher than the corresponding quarter of the last year. During entire 2018, banks recovered Rs 745.6 billion. “It’s still early days of the IBC (Insolvency and Bankruptcy Code), but already the impact is clearly visible,”
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