Prime Minister's Office (PMO), Finance Ministry and the Steel Ministry are joining hands to tackle the stressed loans in steel sector. The focus is on the large non-performing assets (NPAs) or stressed loans in the sector.
The focus is on resolving the stressed loans of five top steel companies - Essar Steel, Monnet Ispat, Bhushan Steel, Electrosteel Steel and JSPL. They are trying to back the bankers' efforts to find buyers.
About Rs 1.5-2 lakh crore of NPAs or stressed loans of the banking sector comprise of these steel NPAs and if these are resolved then a major bottleneck will be cleared for the banking sector to lend loans.
The government's push to help the banking sector is a positive step.
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