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SBI gets requisite approvals for setting up ‘bad bank’

The approvals required for setting up National Asset Reconstruction Company (NARCL) and India Debt Resolution Company (IDRCL), including from the RBI, have now been received, lending major SBI said on Friday. 

In her Budget speech last year, Finance Minister Nirmala Sitharaman had announced the setting up of a ‘bad bank’, including an asset reconstruction company and asset management company, to take over the existing stressed debt of banks.