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The Finance Ministry has asked banks to set up National Asset Reconstruction Company Limited to reduce processing delays and deferments. (NARCL) and National Company Law Tribunal (NCLT) have been asked to closely monitor the cases. The objective of this initiative is to expedite bad loan resolution cases.
New Delhi. The Finance Ministry has asked banks to set up National Asset Reconstruction Company Limited to reduce processing delays and deferments. (NARCL) and National Company Law Tribunal (NCLT) to closely monitor the cases. The objective of this initiative is to expedite bad loan resolution cases. The Ministry of Corporate Affairs is creating an integrated portal for seamless information flow to banks on NCLT matters, the Finance Ministry said in a statement.
The decision was taken at a review meeting chaired by M Nagaraju, Secretary, Department of Financial Services, to address key operational challenges and enhance the efficiency of the resolution system through NARC and NCLT. The discussion on the cases at NARCL focused on expediting their resolution.
According to the ministry, the Secretary noted the important role of NARCL as a specialized entity designed to expedite the resolution of large value stressed assets. This has strengthened the financial environment. According to the statement, banks have been advised to strengthen their coordination with NARCL to ensure efficient and timely resolution.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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