Cabinet approves amendment in Banking Regulation Act

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Cabinet approves amendment in Banking Regulation Act

New Delhi, May 3 (IANS) The Cabinet on Wednesday is understood to have approved an ordinance to amend the Banking Regulation Act aimed at tackling the festering problem of bad loans of public sector banks.

“It is an amendment in the Banking Regulation Act. Since Parliament is not in session, it will be issued as an ordinance which needs the President’s approval,” official sources told IANS.

Finance Minister Arun Jaitley, while announcing the Cabinet decisions on Wednesday, hinted at the measure but gave no details citing protocol that it was not possible before the President gets the details for approval.

This is published unedited from the IANS feed.