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What is the purpose of IBC Code?

The purpose of Insolvency and Bankruptcy Code (IBC) was to solve the massive problem of bad loans that was troubling the banking system of India. Many major cases were solved in a shorter duration with the IBC Code. You can read about Insolvency And Bankruptcy Code (IBC) – IBC Amendment Bill 2021 [UPSC Notes GS III] in the given link.

Earlier, solving the problem of insolvency was a long process. The IBC Code was created with the purpose of creating a one stop solution for resolving the problem of insolvency.

Further readings:

  1. Non Performing Assets (NPA) – Facts for UPSC GS-III
  2. Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19

Related Links

List of Different Types of Banks in India- Category and Functions

The Reserve Bank of India: Functions and Composition

Statutory Liquidity Ratio (SLR) – Definition, Objectives, Impacts

List of Co-operative Banks in India

Indian Banks’ Association (IBA) – A Brief Overview

Cash Reserve Ratio – Importance, Advantages & Effects

Previous Years Economics Mains Questions for UPSC General Studies Paper – 3

Download Indian Economy Notes For UPSC Examination

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