DMPQ-What is Project Sakshakt?(Economy)

It was proposed by a panel led by PNB chairman Sunil Mehta to address the bad loansproblem in India’s banking sector Public sector banks (PSBs) will need an additional capital of Rs 1.1-1.3 trillion over thenext two years to implement a five-point strategy to tackle bad loans, a committeereport on project ‘Sashakt’ has recommended.

 Project Sashakt was proposed by a panel led by PNB chairman Sunil Mehta. Bad loans ofup to ₹50 crore will be managed at the bank level, with a deadline of 90 days.

 For bad loans of ₹50-500 crore, banks will enter an inter-creditor agreement,authorizing the lead bank to implement a resolution plan in 180 days, or refer the assetto NCLT.

 For loans above ₹500 crore, the panel recommendedan independent AMC, supportedby institutional funding through the AIF. The idea is to help consolidate stressed assets.

 

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