Over Rs 30,000 crore guarantee approved for bad bank, says FM Sitharaman

In an address on Thursday, Finance Minister Nirmala Sitharaman announced that the Cabinet had yesterday approved govt guarantee of up to Rs 30,600 crore to back security receipts to be issued by National Asset Reconstruction Company. The NARCL will pay up to 15% of the agreed value for the cash loans and remaining 85% would be govt-guaranteed security receipts.

from Banking/Finance-Industry-Economic Times https://ift.tt/2XqVO3y