Banks, Financial Institutes sign pact

Banks and financial institutions, including SBI, PNB and LIC entered into an overarching inter-creditor agreement (ICA) to fast track resolution of stressed assets of Rs 50 crore or more. Under the pact, which is part of project ‘Sashakt’, each resolution plan will be submitted by the lead lender to an Overseeing Committee. The ICA has been signed by 22 public sector banks.

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