India's cabinet takes decision on banking sector

India's cabinet has taken significant decisions on the country's banking sector, Finance Minister said, declining to give further details, saying it needed a Presidential accord. "Some significant decision has been taken on the banking sector in the cabinet, but propriety demands that the government should announce this only after the assent of the President," he told a news conference after the cabinet meeting. The government and the central bank have previously said they were working on a new plan for the resolution of bad loans at Indian lenders that hit a record $150 billion as of end-December.

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