President Pranab Mukherjee approves ordinance to amend Banking Act

President Pranab Mukherjee has given his nod to the ordinance dealing with the banking sector's non-performing loans and the amendment to the Banking Act

Finance minister Arun Jaitley declined to comment on the ordinance.

Jaitley had said late on Wednesday that the cabinet had taken some significant decisions related to the banking sector, without revealing details saying the decisions needed Presidential assent.

Note

The Union Cabinet on Wednesday May 03,2017 approved a set of key measures to tackle the non-performing assets (NPA) mess in the banking system.