Bill, 2017 by voice vote.
The Lok Sabha on Thursday gave its nod for a Bill to replace the NPA Ordinance promulgated on May 7 this year.
The Bill seeks to reform the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets.
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The RBI will also be empowered to issue directives for resolution and appoint authorities or committees to advise the banking companies on stressed asset resolution. Stressed assets are loans where the borrower has defaulted in repayment or where the loan has been restructured.
The Finance Minister said, the new legislation will help activate the Asset Reconstruction Companies (ARCs) which will take over the stressed assets of companies to make them turn around as performing assets.
Mr Jaitley said, for power sector, the government is implementing UDAY Scheme for State power distribution companies. In June, RBI had identified 12 large loan defaulters who account for 25% of the total bad loans in the Indian banking system.