What was the purpose of Inter-Creditor Agreement signed by Indian banks and financial institutions recently?...

Question

What was the purpose of Inter-Creditor Agreement signed by Indian banks and financial institutions recently?

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Answer

To lessen the Government of India’s perennial burden of fiscal deficit and current account deficit

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To act as independent regulator in case of applications for loans of Rs. 50 crore or more

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To aim at faster resolution of stressed assets of Rs. 50 crore or more which are-under consortium lending

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To support the infrastructure projects of Central and State Governments