NEWS & ADVICE : PERSONAL LOAN
SC refrains from giving NPA recovery directions to banks
By Vaibhav Aggarwal
Aug 19, 2010
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The apex judicial body of India, Supreme Court (SC) has refrained itself from giving any sort of directions to public sector banks on recovery measures to be adopted for Rs 1 lakh crore worth non performing assets (NPAs) from defaulters.

A bench formed by ustice J M Panchal and Justice A K Patnaik has passed on the issue to be handled by the Serious Fraud Investigation Office (SFIO).

"We hope that the centre make SFIO an independent agency to deal with NPAs and reduce it," the bench said.

"Whether such laws are implemented efficiently and effectively is for the legislature and centre to decide and courts can not interfere into it," the bench said.

The court also said that the committee led by Deputy Governor of RBI is already looking into the issue and will certainly come out with positive remedial courses for the same.


 


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