NEW DELHI: The Union Cabinet on Wednesday approved promulgation of an ordinance to amend the Banking Regulation Act for resolution of the NPA crisis facing public sector banks, top sources said.Finance ministry sources said the ordinance on NPA resolution will empower the Reserve Bank of India to issue direction to banks to effectively resolve bad loans Public Sector Banks are saddled with non-performing assets or bad loans to the tune of a staggering Rs 6 lakh crore.Without giving details, Finance Minister Arun Jaitley said the Cabinet has taken some important decisions in respect of the banking sector "There is a convention that when some proposal is referred to the President, then details of it cannot be disclosed till it is approved. As soon as approval comes, details will be shared," he said.

Source: Times of India May 03, 2017 16:00 UTC