FM puts debtor on notice

Megha Jain

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Private sector debtors have been warned by Finance Minister, Jaitley to clear their dues to banks or let somebody step into their business. Using the new bankruptcy law, the RBI has pushed banks to initiate insolvency operations against many corporate defaulters to resolve Rs 2 lakh crore or almost a fourth of the country's bad debt. According to Jaitley, clearing debts will take time.