 "PMO takes stock of RBI's new provisioning norms for stressed loans")
Prime Minister Narendra Modi took stock of various economic issues at a meeting with officiating finance minister Piyush Goyal and officials on Tuesday.
Hasmukh Adhia, finance secretary, and Rajiv Kumar, financial services secretary, were present.
Separately, the PM’s Office (PMO) discussed issues related to the Reserve Bank’s (RBI’s) new and stiffer provisioning norms for stressed loans, sources said. It appears the ministry would like a return to the earlier rule.
In the new one, non-payment of loan dues by companies for even a single day will have banks invoking insolvency resolution. Also, through the February 12 circular, RBI withdrew all debt restructuring schemes
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