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Bad Bank received all necessary approvals to commence operations: SBI Chairman Dinesh Khara

Bad Bank was announced by Union Finance Minister Nirmal Sitharaman in last Union Budget. This entity will absorb the bad assets of banks enabling banks to clean up their books.

January 28, 2022 / 01:31 PM IST
State Bank of India Chairman Dinesh Kumar Khara

State Bank of India Chairman Dinesh Kumar Khara

Dinesh Khara, the chairman of country's largest lender State Bank of India (SBI), said on January 28 the proposed Bad Bank had received all necessary approvals to start operations.

Public sector Banks will have a majority stake in the National Asset Reconstruction Company Limited (NARCL) while private banks will have a significant stake in India Debt Resolution Company Limited (IDRCL), Khara said.

Bad Bank was announced by Union Finance Minister Nirmala Sitharaman in the last Union Budget. This entity will absorb the bad assets of banks enabling banks to clean up their books.

Explainer: What ails the Bad Bank proposal unveiled in the last budget?