Tuesday , June 27 2017

Banking

Clock ticking on India’s bad bank debts under bankruptcy law

epa05691573 Indian people line up outside the Reserve Bank of India (RBI) to deposit old Indian rupee notes, in Bangalore, India, 30 December 2016. According a news report, 30 December is the last day to deposit the old currency at all banks while it can only be deposited at the Reserve Bank of India (RBI) after tonight. Indian Prime Minister Narendra Modi announced the elimination of the 500 and 1,000 rupee bills (about 7.37 and 14.73 US dollars, respectively), hours before the measure took effect at midnight 08 November, for the purpose of fighting against 'black money' (hidden assets) and corruption in the country. The decision sparked some protests, while storekeepers complained about dwindling sales because many citizens lack the cash to buy the most basic products and queues get longer at ATMs and banks.  EPA/JAGADEESH NV

Bloomberg India’s central bank plans to use insolvency laws against more corporate defaulters to speed up resolution of the country’s bad loans that have swelled to $180 billion. “The clock’s already ticking — some cases are already before the National Company Law Tribune,” said Sanjeev Sanyal, principal economic adviser to ...

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