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Cabinet clears proposal for govt guarantee for bad bank: Nirmala Sitharaman
The Union Cabinet has cleared a proposal to provide Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL).
- The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash.
- The remaining 85 per cent would be government-guaranteed security receipts.
- The government guarantee would be invoked if there is loss against the threshold value.
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Representational Image New Delhi: The Union Cabinet has cleared a proposal to provide Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL) as part of resolution of bad loans, Finance Minister Nirmala Sitharaman said on Thursday.
The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts.
The government guarantee would be invoked if there is loss against the threshold value. Also Read: Sensex crosses 59k for first time, Nifty leaps to fresh high
Briefing reporters on the decision, she said banks have recovered Rs 5.01 lakh crore of unpaid loans in the last six years. Of this, Rs 3.1 lakh crore has been recovered since March 2018. Also Read: Air India sale: Tata, SpiceJet chief Ajay Singh put in financial bids
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