Cabinet Meeting Today: Union Cabinet Approved Govt’s Guarantee For Bad Bank, Sources Said

cabinet meeting today union cabinet approved govts guarantee for bad bank sources said

Sumary of Cabinet Meeting Today: Union Cabinet Approved Govt’s Guarantee For Bad Bank, Sources Said:

  • “An Asset Reconstruction Company Limited and Asset Management Company would be set up to consolidate and take over the existing stressed debt,” she had said in the Budget speech.
  • According to sources, the company, after mobilising an initial capital of Rs 100 crore and fulfilling other legal formalities, has approached the RBI seeking licence to undertake asset reconstruction business.

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