Union Finance Minister Arun Jaitley on Saturday said the Insolvency and Bankruptcy Code (IBC) is helping the banking sector of the country in cleaning up bad loans, adding that the fear of the IBC has made defaulters approach their respective banks to clear their dues.
Addressing a gathering at the third anniversary of the IDFC Bank here, Jaitley said "The whole nature of banking is changing. The Insolvency and Bankruptcy Code (IBC) is helping the banking sector in cleaning up bad loans. The fear of IBC has made defaulters approach their bank to clear their all dues."
On July 31, the Lok Sabha had passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018.
The amendments will protect the interest of home buyers by treating them as financial creditors, which will make it easier for them to recover their investments.
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