May 22, 2017 / 3:29 PM / 10 months ago

India's central bank to expand oversight panel for stressed assets

MUMBAI (Reuters) - India’s central bank will add more members to a panel to deal with the large volume of cases involving stressed assets which are referred to it, highlighting its resolve to fight bad debt in Asia’s third-largest economy.

FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File photo

The two members of the Oversight Committee will continue to be a part of the panel, while the names of new members will be announced soon, the Reserve Bank of India (RBI) said in a statement on Monday.

Indian banks have accumulated $133 billion in stressed assets after years of reckless lending.

The central bank is working toward ensuring an objective decision-making process on cases under the Insolvency and Bankruptcy Code, 2016 (IBC) and will form a separate panel, comprised mainly of its independent board members, to advise it in this regard, the RBI said.

Full statement

Reporting by Sankalp Phartiyal; editing by Alexander Smith

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