RBI to expand oversight panel for stressed assets | Reuters

MUMBAI The Reserve Bank of India (RBI) will add more members to a panel to deal with the large volume of cases involving stressed assets which are referred to it, highlighting its resolve to fight bad debt in Asia's third-largest economy.The two members of the Oversight Committee will continue to be a part of the panel, while the names of new members will be announced soon, the RBI said in a statement on Monday.

Indian banks have accumulated $133 billion in stressed assets after years of reckless lending.

The central bank is working towards ensuring an objective decision-making process on cases under the Insolvency and Bankruptcy Code, 2016 (IBC) and will form a separate panel, comprised mainly of its independent board members, to advise it in this regard, the RBI said.

Full statement bit.ly/2qMvJts (Reporting by Sankalp Phartiyal; editing by Alexander Smith)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: May 22, 2017 21:10 PM

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