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Banks Finalize Inter-Creditor Agreement for Bad Debt Under Project Sashakt
July 10, 2018
In one of the biggest measures against the increasing bad loans, banks have finalized an inter-creditor pact that will take a five-pronged approach to address the problem. In that, a new asset management company (AMC) will be set up under project Sashakt.
Punjab National Bank’s (PNB’s) chairman Sunil Mehta said that the lenders will table the agreement before their respective boards, and if all goes well, it will come into effect by the end of the month.
The agreement holds a huge significance for the bank-led resolution approach (BLRA) for loans ranging from Rs. 50 to 500 crores.
Photo credit: Sudipto_Sarkar on Visualhunt.com /CC BY-NC-ND
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