• Sunday, May 22, 2022

Business

India expands bad debt task force

India is trying to claw back $125 billion of bad debt

By: Sarwar Alam

India’s central bank on Thursday (22) drafted more top bankers onto a special panel that will decide which companies owing more than $125 billion of crippling bad debt have to be rejigged or liquidated. The Reserve Bank of India has already said that 12 companies with debts of two trillion rupees ($31 billion) could be restructured or even wound up unless lenders recover their money in the next six months. The RBI named former vigilance chief Pradeep Kumar to head a five member panel to speed up the campaign to combat the bad debt crisis. Formerly made up of just two members,…

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