Prime Minister Narendra Modi listens to finance minister Arun Jaitley during the Global Business Summit in New Delhi January 16, 2015. Credit: Reuters/Anindito Mukherjee
Indias government is pushing state-owned steel, power and shipping firms to take over assets of private companies that have defaulted on loans, but faces resistance from them, leaving it scrambling to clear a $135 billion pile of stressed loans from banks books.
Over the past two years, Prime Minister Narendra Modis government has pushed banks to recognise non-performing assets, make adequate provisions for them and try to raise capital from outside to bolster their balance sheets.
But, facing an end-March deadline to declare all bad loans on their books, t…
Read the full article at: http://thewire.in/82768/state-owned-firms-resist-pressure-help-banks-bad-debt/