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India’s Narendra Modi Defends Efforts to Shake Up Economy

Indian Prime Minister Narendra Modi took on critics who accuse him of failing to pursue “big bang” liberalization measures to revamp his country’s economy, saying he has set a path for accelerated growth that India’s states now need to help navigate. In ...

Daily Headline - global.abi.org - 05/26/2016 - 00:57 - 0 comments

What India’s New Bankruptcy Law Means

India’s Parliament has passed a bankruptcy law that promises to make it easier to wind up a failing business and recover debts in Asia’s third-largest economy, The Wall Street Journal The Short Answer blog reported. The country’s banks are currently ...

Daily Headline - global.abi.org - 05/12/2016 - 20:07 - 0 comments

India To Take On Defaulters As Parliament Approves Bankruptcy Bill

India's upper house of parliament passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Naren ...

Daily Headline - global.abi.org - 05/11/2016 - 22:35 - 0 comments

India's JSW Steel Bids For Tata UK Assets

India's JSW Steel Ltd has bid for the British operations of Tata Steel Ltd, two sources with direct knowledge of the matter confirmed on Tuesday, prompting concerns about its debt levels and putting pressure on its shares, Reuters reported. JSW Stee ...

Daily Headline - global.abi.org - 05/10/2016 - 21:05 - 0 comments

Insolvency Code To Fast-Track 75,000 Cases Pending Before Debt Tribunals

With the Insolvency and Bankruptcy Code inching towards reality, early redress of almost 75,000 cases involving debt of an estimated ₹3.5-lakh crore is what the government and stakeholders expect, The Hindu Business Line reported. While the Debt Reco ...

Daily Headline - global.abi.org - 05/08/2016 - 19:50 - 0 comments

Indian Lower House Backs Bankruptcy Code, Key To Debt Cleanup

India's lower house of parliament on Thursday backed a new bankruptcy code, a crucial step towards establishing a debt resolution regime to strengthen the hands of banks seeking to recover $120 billion in troubled loans, Reuters reported. The Insolv ...

Daily Headline - global.abi.org - 05/05/2016 - 20:46 - 0 comments

India Asks UK To Deport Embattled Tycoon Mallya

India said on Thursday it had asked Britain to deport Vijay Mallya, the liquor tycoon who flew to London last month as bankers pressed him to repay about $1.4 billion owed by his defunct Kingfisher Airlines, Reuters reported. The Ministry of External Aff ...

Daily Headline - global.abi.org - 04/28/2016 - 21:20 - 0 comments

RBI Asks Banks Not To Treat Default By Some Firms As NPA In Q4

In view of mounting bad loans eating into banks' profits, RBI has allowed them to exclude from provisioning stressed loans of certain companies in the fourth quarter numbers, The Economic Times reported. This will help ease burden on banks to so ...

Daily Headline - global.abi.org - 04/21/2016 - 21:58 - 0 comments

China and India Have Different Answers for Their Debt Messes

China and India are both grappling with escalating bad debt challenges lurking in their banking systems. Yet the two Asian economic giants are embracing markedly different strategies to clean up the mess, Bloomberg News reported. Impaired loans have reac ...

Daily Headline - global.abi.org - 04/13/2016 - 21:22 - 0 comments

Tata Steel Plans to Sell British Plants, Threatening 15,000 Jobs

Prime Minister David Cameron faced a new economic and political challenge on Wednesday after the Indian owner of much of Britain’s steel industry said it could no longer swallow the large losses being generated by its plants and would try to sell them, t ...

Daily Headline - global.abi.org - 03/30/2016 - 21:50 - 0 comments

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