June 14, 2017 / 5:22 AM / 3 months ago

Resolution of Indian banks' bad loans primary focus of govt - adviser

NEW DELHI, June 14 (Reuters) - A resolution of Indian banks’ bad loans is the “first and primary focus” of the government, a senior finance ministry official said on Wednesday.

Sanjeev Sanyal, principal economic advisor at the ministry, also told television channel CNBC-TV18 that state-run banks would be consolidated primarily on commercial considerations.

Sanyal’s comments came a day after India’s central bank revealed that it had identified 12 of the largest loan defaulters and would order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia’s third-largest economy. (Reporting by Rajesh Kumar Singh; Editing by Malini Menon)

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