With reference to Project Sashakt consider the following statements 1 ...........

Economic Affairs Money Supply and Monetary Policy

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With reference to Project Sashakt, consider the following statements.

1. Project Sashakt was proposed by a panel led by Reserve Bank of India

2. It suggested bad loans of up to Rs 50 crore will be managed at the bank level, with a deadline of 180 days.

Select the statement which is/are correct

1 only

2 only

Both 1 and 2

Neither 1 and 2

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Explanation:

Project Sashakt was proposed by a panel led by PNB chairmen. It suggested bad loans of up to ? 50 crore will be managed at the bank level, with a deadline of 90 days. For bad loans of ? 50-500 crore, banks will enter an inter-creditor agreement, authorizing the lead bank to implement a resolution plan in 180 days, or refer the asset to NCLT. For loans above ? 500 crore, the panel recommended an independent asset management company , supported by institutional funding through the Alternative Investment Fund.