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Finance Minister Arun Jaitley : New Law on Anvil for Fast Track Arbitration in Order to Address the Stressed Areas of the Banking Sector; Reiterates the Government’s Commitment to Give Operational Freedom to the Public Sector Banks (PSBs); Efforts are on to Give Shape to the Banking Bureaus and to Professionalize all Personnel Issues

Dated:- 28-9-2015 - The Union Finance Minister Shri Arun Jaitley today said that the Government was working on a slew of sectoral reforms, including a new law on fast track arbitration, in a bid to address the stressed areas of the banking sector. Sp .....

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o address each one of them. The Finance Minister said sectors such as steel, power, highways and discoms were mainly responsible for the stress in Public Sector Banks (PSBs). Sectoral reforms In a stern message to the State power utilities, the Finan .....

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r. Jaitley informed that the Reserve Bank of India has already put four State Governments on notice. The combined debt of discoms is estimated to be more than ₹ 3 lakh crores leading to acute financial stress in the banking sector. The Finance .....

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ented without major bottlenecks. Mr. Jaitley informed that the review of the stalled projects was now being done at the Prime Minister s Office level and road blocks were being specifically addressed. The Finance Minister asserted that the number of .....

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olicy is in final stages of preparation and the draft will be put out for deliberations early next month. He also said the proposed new Arbitration Law provides for Fast Track Arbitration with one member Arbitration Board, with a mandate to complete .....

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he Government s commitment to give operational freedom for the PSU banks. The Public Sector Banks (PSBs) have to be given a lot of independence. Of course, they will be carrying-out the developmental agenda of the Government, but their administration .....

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