Sunil Mehta, the chairman of a bankers’ panel working on the faster resolution of stressed assets in public sector banks, had announced that an asset management company (AMC) for resolving large bad loans has been formed and will be called as Sashakt India Asset Management. The panel is now working towards identifying potential investors for an alternate investment fund (AIF) which will fund the AMC.
Source- The Economic Times
Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:
- The government in July 2018 has proposed a five-pronged strategy under Project Sashakt to tackle stress in the banking sector, and had formed a panel led by Sunil Mehta.
- Under the project, the committee had to float an AMC and an AIF to resolve non-performing assets (NPAs) over Rs 500 crore.