President Promulgates Banking Regulations Amendment Ordinance To Tackle NPAs [Read The Text]

President Pranab Mukherjee on Friday promulgated the Banking Regulations Amendment Ordinance, in a bid to tackle the NPA crisis facing public sector banks.The Ordinance endows the Central Government with the power to authorize the RBI to issue directions to any banking company to initiate insolvency in respect of a default under the provisions of the Insolvency and Bankruptcy Code....