Staying on course to resolve the
bad loan problem plaguing the banking sector, the Reserve Bank of India (SBI) out lined the further steps it plans to take, such as expanding the oversight committee (OC) and its mandate, it modifying existing debt recast rules, and engaging rating agencies for time by action.
The central bank will
reconstitute the OC, and expand the panel to include more members. The existing OC which has two members was
constituted by the Indian Banks' Associated. The RBI now
reconstitute the OC under its agencies and the two current members will continue in the revamped panel. The larger OC
could then set up branches to deal with the volume of cases
referred.
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