Modi Effect: Rush to repay defaulted debts
Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley are in for praise from experts for the Insolvency and Bankruptcy Code (IBC) enacted in 2016. Because of this one crucial reform, which only a government sincere about resolving Non Performing Assets in Indian PSU Banks could have done, the banking system is fast getting okay slowly and steadily.
As per latest reports, about 2100 companies (defaulters) have settled their dues of around Rs 83,000 crore in recent months.
This has been seen as Modi's onslaught against crony capitalism.