New Delhi, May 5 (IANS) An ordinance empowering the Reserve Bank of India (RBI) to tackle bad loans of banks got the Presidential nod on Friday.
President Pranab Mukherjee signed the ordinance that will amend the Banking Regulation Act to tackle the burgeoning non-performing assets of banks.
The ordinance was sent to the President after it was cleared by the Union Cabinet on Wednesday.
"This ordinance will enhance the power of RBI to manage bad loans," Minister of State for Finance Santosh Kumar Gangwar said.
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.