NEW DELHI, June 12 India's central bank is at an
advanced stage of preparing a list of bad loans where resolution
is required under the country's insolvency and bankruptcy rules,
Finance Minister Arun Jaitley said on Monday.
Last month, India tweaked its laws to help tackle a record
$150 billion in troubled bank debt. The government has
authorised the Reserve Bank of India (RBI) to direct banks to
initiate an insolvency resolution process in the case of a
default under provisions of the bankruptcy code.
"The RBI is at a fairly advanced stage of preparing a list
of those debtors where a resolution is required through the IBC
(Insolvency and Bankruptcy Code) process and you'll shortly be
hearing about it," Jaitley told reporters after meeting bank
The finance minister also said the government was actively
working on consolidating state-run banks, although Monday's
meeting did not discuss the topic.
(Reporting by Rajesh Kumar Singh; Writing by Devidutta
Tripathy; Editing by Richard Borsuk)