ADVERTISEMENT
Lok Sabha Clears Bill For Quicker, Easier Debt Recovery
01 Aug 2016, 11:10 PM IST i

Save

Finance Minister Arun Jaitley said banks must be empowered to take legal action against defaulters.
New Delhi: The Lok Sabha on Monday passed a law empowering banks to take possession of collateral in case of loan default, except for farm land, while Finance Minister Arun Jaitley promised a compassionate view on education loans.
He ruled out any waiver in the event of education loan defaults, saying "some compassion" has to be shown if someone is unemployed and till he gets a job, but the loan cannot be written off.
The Enforceme...
ADVERTISEMENT