Panel moots stiff NPA regulations

Panel moots stiff NPA regulations
EEB & REUTERS

MUMBAI, DEMBER 13: An expert industry group headed by KV Kamath has proposed tighter laws to help banks recover sticky loans or non-performing assets. The panel which submitted the report to Finance Minister Yashwant Sinha on Monday has said legislative reforms are needed to help banks overcome their bad debts problem.

The NPA task force was set up by Confederation of Indian Industry to look into the burgeoning NPA problems of banks and institutions. "We have also looked into the issue of sick banks. A few bold steps need to be taken," said Kamath, also the MD and chief operating officer of financial services firm ICICI Ltd, met the minister to hand over the task force's recommendations. No further details were immediately available. "The report has suggested several measures," a finance ministry statement said.