Budget lays groundwork to put India’s banking crisis in rearview mirror

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Budget lays groundwork to put India’s banking crisis in rearview mirror
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Synopsis

The finance minister said that the government will set up an asset management company and asset reconstruction company that will take up the bad loans on the books of the banking sector.

The move is expected to rid the country’s state-owned banks, which account for close to 70 per cent of the country’s banking loans of the stressed loans that have severely curtailed their growth.

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