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Business News

Jul 24, 2018

Banks, FIs sign inter-creditor pact to speed up resolution of stressed assets: Piyush Goyal

In a massive step taken to resolve Non Performing Assets (NPAs), Banks and financial institutions (FIs) including SBI and LIC, today entered into an inter-creditor agreement (ICA) to fast track the resolution of stressed assets, under "Sashakt" scheme. This agreement will cover cases of stressed assets worth at least Rs 50 crore under consortium lending.
The ICA is being signed by 22 public sector banks, including India Post Payments Bank, 19 private sector banks and 32 foreign banks. Besides, 12 major FIs and intermediaries, like LIC, HUDCO, PFC and REC, are also signatories to the pact.
Finance Minister Piyush Goyal described the move as a 'huge step forward' in addressing the banking industry's problems. In a tweet he said when the Insolvency & Bankruptcy Code was introduced the country's banking sector was going through a serious crisis. Prime Minister Narendra Modi spoke about the dire financial stress that the banking system was facing due to indiscriminate and absolutely baseless lending during 2008-14.

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