Jaitley announces steps which would make recovery of loans smoother and benefit large players
Finance Minister Arun Jaitley on Saturday announced a slew of measures which experts said would help “energise” the banking system further, power recovery of loans and streamline decision-making.
One of the steps announced by the minister while presenting the Union Budget was to allow non-banking financial companies (NBFCs) registered with the Reserve Bank of India (RBI), and those of Rs 500 crore size or more, to be allowed to use The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act 2002.