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.
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 bit.ly/2qMvJts
Reporting by Sankalp Phartiyal; editing by Alexander Smith