Rs 22,000-crore 'haircut' raises alarm over corporate loan settlements: Canara Bank Staff Union

Thiruvananthapuram, Sep 22 (UNI) The Insolvency and Bankruptcy Code (IBC) and other mechanisms that allow large corporate defaulters to settle massive bank liabilities by repaying only a fraction of the outstanding amount should be withdrawn, speakers at a banking sector seminar here said. The demand was raised at a seminar on "Impacts of Haircuts on Indian Banking" organised by the Canara Bank Staff union (CBSU) at the BEFI Centre here as part of its 17th National Conference. Presenting the topic, BEFI All India President S S Anil said the IBC, introduced in 2016 with the objective of improving recovery of…