
India’s banks can now take over defaulting companies
India’s central bank has given lenders that struggle to claw back debt owed to them new powers to deal with defaulting companies, causing headaches for corporate executives.

On June 8, the Reserve Bank of India (RBI) granted banks the right to convert outstanding loans into a majority stake in a defaulting company if the borrower fails to meet the conditions agreed in its negotiated restructuring package.
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