New Bad Bank to be set up within a month or two, says Financial Services Secy
The New Development Finance Institution announced by the finance minister will be called the ‘National Bank for Financing, Infrastructure and Development’, Financial Services Secretary Debashish Panda said.
The new ‘Bad Bank’, as announced by Finance Minister Nirmala Sitharaman in Union Budget 2021-22, would be set up “within the next one or two months”, Financial Services Secretary Debashish Panda said on February 2.
The new Development Finance Institution (DFI) announced by the finance minister will be called the ‘National Bank for Financing, Infrastructure, and Development’, Panda told News Agency.
The stakeholders will be state-owned and private scheduled commercial banks, he further added.
The Bad Bank is expected by the government to adequately address the non-performing assets (NPA) crisis of the public sector lenders.
The creation of Bad Bank would allow the banks reeling under stressed assets to clear up their balance sheets, Sitharaman had said during her post-Budget press conference.
