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RBI finds 12 a/c with 25% of bank bad loans for bankruptcy proceedings
RBI finds 12 a/c with 25% of bank bad loans for bankruptcy proceedings
Reserve Bank of India (RBI) on Jul'13 said 12 accounts having about 25% of gross bad loans in banking system would be eligible for immediate reference for bankruptcy proceedings.Indian banks are having about Rs 10 trillion; of bad loans.RBI suggested that accounts with outstanding amounts of more than Rs 5,000 cr, of which at least 60% was classified as non-performing by banks as of Mar'31,2016,can be referred for bankruptcy proceedings(Accounts' names not disclosed).RBI has powers to suggest/compel,banks to invoke proceedings against defaulters.
