Though the RBI and the government have been working to tackle the problems of mounting bad loans, the Ordinance on NPAs will define the way forward in this regard, RBI Executive Director Sudarshan Sen said.
Terming it as "a very interesting piece" of legislation, Sen said efforts are on to resolve the Non Performing Assets (NPAs) problem and they would continue, with the Ordinance being one more chapter.
However, sounding a note of caution, he said: "This is a continuing process.. nothing happens overnight. These are hard problems, these are difficult problems, but we are determined to solve them."
Sen was speaking at the inauguration of an Assocham Global Factoring Summit here.
--IANS
qn/ruwa/vm