A new law aimed at curbing debt consolidation in the banking sector has raised hopes of a turnaround in the Indian economy.

The National Debt Settlement (NDS) Bill 2017 has been tabled in the Lok Sabha and the government has set a deadline of February 20, 2019 to finalise the draft of the legislation.

It was passed on Thursday and now it is expected to be passed by Parliament within a few weeks.

In its current form, NDS will set up a debt settlement fund for borrowers with defaulted loans of over Rs 10 lakh, which will be available for repayment only on the basis of an independent assessment of the borrower’s assets and liabilities.

It is estimated that around 60% of borrowers have defaulted on their debts.

In a country where banks have struggled to cope with the fallout of demonetisation, NDIS will bring about a swift relief to millions of poor people and others facing debt burdens of more than Rs 1 lakh.

The bill also includes a mechanism for private banks to defer repayment of loan interest for up to one year, but no specific timelines have been set.

The NDIS fund will be used to ensure that the borrowers get their due and in the process repay their debts, according to the government.

The government has sought to set up three NDIS banks with a combined capacity of around Rs 5 lakh crore, including two private banks.

“The NDPS will help in curbing the debt consolidation crisis and also will be a source of solvency for the banks,” said the finance ministry.

“While this may not be enough to revive the economy, it will help a lot of people and banks will be able to restructure their loans without fear of the banks becoming insolvent,” said Nandanand Bhattacharya, a partner in London-based law firm Bhatticharya, and a member of the Financial Sector Advisory Board at PwC.

In a separate move, the government announced a three-month grace period for private lenders to pay down their debt by taking steps to transfer the debt to the NDIS bank.

According to the bill, any loan that has been deferred over a period of five years or more will be deemed to have been waived and will be returned to the borrower with full interest, except for interest that is charged on the amount.

The government is expected in the near future to make available up to Rs 1.5 lakh crore of private loans to banks to help them meet their debt commitments, which currently stand at over Rs 60,000 crore.

Sponsor Partner

【우리카지노】바카라사이트 100% 검증 카지노사이트 - 승리카지노.【우리카지노】카지노사이트 추천 순위 사이트만 야심차게 모아 놓았습니다. 2021년 가장 인기있는 카지노사이트, 바카라 사이트, 룰렛, 슬롯, 블랙잭 등을 세심하게 검토하여 100% 검증된 안전한 온라인 카지노 사이트를 추천 해드리고 있습니다.우리카지노 | TOP 카지노사이트 |[신규가입쿠폰] 바카라사이트 - 럭키카지노.바카라사이트,카지노사이트,우리카지노에서는 신규쿠폰,활동쿠폰,가입머니,꽁머니를홍보 일환으로 지급해드리고 있습니다. 믿을 수 있는 사이트만 소개하고 있어 온라인 카지노 바카라 게임을 즐기실 수 있습니다.우리카지노 | 카지노사이트 | 더킹카지노 - 【신규가입쿠폰】.우리카지노는 국내 카지노 사이트 브랜드이다. 우리 카지노는 15년의 전통을 가지고 있으며, 메리트 카지노, 더킹카지노, 샌즈 카지노, 코인 카지노, 파라오카지노, 007 카지노, 퍼스트 카지노, 코인카지노가 온라인 카지노로 운영되고 있습니다.카지노사이트 - NO.1 바카라 사이트 - [ 신규가입쿠폰 ] - 라이더카지노.우리카지노에서 안전 카지노사이트를 추천드립니다. 최고의 서비스와 함께 안전한 환경에서 게임을 즐기세요.메리트 카지노 더킹카지노 샌즈카지노 예스 카지노 코인카지노 퍼스트카지노 007카지노 파라오카지노등 온라인카지노의 부동의1위 우리계열카지노를 추천해드립니다.카지노사이트 추천 | 바카라사이트 순위 【우리카지노】 - 보너스룸 카지노.년국내 최고 카지노사이트,공식인증업체,먹튀검증,우리카지노,카지노사이트,바카라사이트,메리트카지노,더킹카지노,샌즈카지노,코인카지노,퍼스트카지노 등 007카지노 - 보너스룸 카지노.