India needs bankruptcy code: RBI

India needs bankruptcy code: RBI
The Reserve Bank Governor Raghuram Rajan today said there is a pressing need to have strong and effective bankruptcy laws in the country.

"Do we need a bankruptcy code? absolutely! It is something I have been saying for six years in reports that we need a bankruptcy code," the Reserve Bank of India Governor said while speaking at an event here late this evening.

Replying to a specific question on the need for bankruptcy laws in the country, Mr Rajan said he was hopeful that the code embedded in the amended Companies Act passed last year will help things, but it has been stuck due to some issues which need to be worked out.


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