May 5 The Indian government on
Friday tweaked rules to help tackle the record $150 billion in
troubled debt accumulated in the nation’s banks.
The government may authorize the Reserve Bank of India to
direct banks to initiate an insolvency resolution process in the
case of a default under provisions of the bankruptcy code, the
Indian government said, in an ordinance published on Friday that
alters the country’s Banking Regulation Act.
The ordinance, which goes into effect immediately, also said
the RBI may specify one or more authorities, or panels to advise
banks on resolution of stressed assets.
(Reporting by Rajesh Kumar SIngh and…
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