Cabinet approves ordinance to tackle NPA

Union Cabinet on Wednesday cleared ordinance to amend Banking Regulation Act to resolve Non Performing Assets (NPA) crisis being faced by several banks.

Briefing media persons after cabinet meeting here, Finance Minister Arun Jaitley said that the ordinance has been sent to President’s nod.

But Jaitley refused to give the details of the scheme and said that Government will only give the details once it is cleared by the President.

According to sources, the ordinance will get President Pranab Mukherjee’s approval soon.