MUMBAI The Reserve Bank of India outlined on Tuesday a plan to expedite the resolution of the $150 billion bad debt problem plaguing the country's banks by focusing first on some of the large stressed accounts held by lenders.
The RBI, in a statement, said it has identified 12 accounts that constitute about 25 percent of the overall gross non-performing assets in the system and directed lenders to begin insolvency proceedings around these accounts immediately.
The move comes about a month after the Indian government changed rules giving the central bank greater power to deal with bad loans. (Reporting by Suvashree Choudhury and Euan Rocha; Editing by Rafael Nam)
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Updated Date: Jun 13, 2017 21:45 PM