India, RBI have not agreed on bad debt cleanup plan: central bank deputy | Reuters

MUMBAI The Indian government and the Reserve Bank of India had not yet reached an agreement on a new plan to clean up the record troubled debt accumulated at the country's lenders, S.S. Mundra, a deputy governor at the central bank, said on Thursday.

Reuters April 20, 2017 14:55:39 IST
India, RBI have not agreed on bad debt cleanup plan: central bank deputy
| Reuters

India RBI have not agreed on bad debt cleanup plan central bank deputy
 Reuters

MUMBAI The Indian government and the Reserve Bank of India had not yet reached an agreement on a new plan to clean up the record troubled debt accumulated at the country's lenders, S.S. Mundra, a deputy governor at the central bank, said on Thursday.

Mundra, in an interview with CNBC TV18, added it would be "difficult to put a timeline" on when consensus could be reached, but said it "could be very near".

Investors have been waiting for India to come up with a new plan on how to deal with almost $150 billion stressed assets at banks after Finance Minister Arun Jaitley said last month it would soon announce new action.

Mundra said among the considerations would be how to provide more capital for the banks, making it important to get consensus from the government, which owns majority stakes in nearly two dozen lenders that together dominate India's banking system. (Reporting by Devidutta Tripathy and Rafael Nam; Editing by Amrutha Gayathri)

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