India's bad bank gets government nod — green lights NARCL with ₹30,600 crore guarantee
- The cabinet today approved a central government guarantee to the tune of up to ₹30,600 crore, wherein
NARCLwill buy bad loans from banks.
- The government guarantee will be valid for a period of five years.
- Banks have recovered ₹5.01 lakh crore of unpaid loans in the last six years, said finance minister
The government guarantee would be invoked if there is loss against the threshold value.
Briefing reporters on the decision, she said banks have recovered Rs 5.01 lakh crore of unpaid loans in the last six years. Of this, Rs 3.1 lakh crore has been recovered since March 2018.
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