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27 economic offenders fled India in last 5 years
Friday, January 4, 2019, 5:04 PM
Twenty-seven defaulting businessmen and economic offenders have fled the country in the last five years, Parliament was informed Friday. Interpol has been approached to issue red corner notices (RCNs) against 20 persons out of these 27, Minister of State for Finance Shiv Pratap Shukla said in a written reply in Lok Sabha.
Banks Likely To Recover Bad Loans Worth Rs.70K Cr By March-End: FM
Thursday, January 3, 2019, 2:50 PM
Finance Minister Arun Jaitley said commercial banks were likely to recover 70,000 crore rupees of bad loans by the end of March, helped by resolution of 12 large cases. Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said.
RBI allows restructuring of MSME loans up to Rs.25 crore
Wednesday, January 2, 2019, 5:55 PM
The Reserve Bank of India (RBI) has allowed one-time restructuring of loans of up to Rs.25 crore to Micro, Small and Medium Enterprises (MSMEs) that were in default as of January 1. Such restructuring wouldn't lead to a downgrade in asset classification, RBI said. Lenders are required to make an additional provision of 5% for loans restructured under this scheme.
