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India says banks must start bankruptcy proceedings against 12 major defaulters

Reuters  |  MUMBAI 

By Devidutta TripathyMUMBAI (Reuters) - The Reserve Bank of India (RBI) has identified 12 of the country's biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the $150 billion in stressed debt hobbling Asia's third-largest economy.The move comes about a month after the government gave the Reserve Bank of India (RBI) greater power to deal with unpaid loans, including the authority to direct lenders to initiate the insolvency resolution process in the event of default.A bankruptcy filing would result in recovering some funds owed or ...

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First Published: Wed, June 14 2017. 13:26 IST