NEW DELHI May 3 India's cabinet has taken
significant decisions on the country's banking sector, Finance
Minister Arun Jaitley said, declining to give further details,
saying it needed a Presidential accord.
"Some significant decision has been taken on the banking
sector in the cabinet, but propriety demands that the government
should announce this only after the assent of the President,"
Jaitley told a news conference after the cabinet meeting.
The government and the central bank have previously said
they were working on a new plan for the resolution of bad loans
at Indian lenders that hit a record $150 billion as of
(Reporting by C.K. Nayak and Mayank Bhardwaj; Writing by
Devidutta Tripathy, editing by David Evans)