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India mulls company to deal with banks stressed assets

Reuters  |  MUMBAI 

By Abhirup RoyMUMBAI (Reuters) - India has set up a panel of experts to explore mechanisms for resolving the burgeoning bad debts plaguing its financial sector, the interim Finance Minister Piyush Goyal said on Friday.Indian banks, already burdened by a near-record 9.5 trillion rupees ($141 billion) of soured loans as of last year, reported a further rise in bad loans in the March quarter after the Reserve Bank of India (RBI) withdrew half a dozen loan-restructuring schemes and tightened some rules.The panel, which has been tasked to submit its recommendations in two weeks, will examine ...

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First Published: Fri, June 08 2018. 21:00 IST