Reserve Bank of India
Defaulters have not been named, but banks will be asked to initiate insolvency proceedings to recover the dues.
Income Tax Dept is looking into undisclosed income to the tune of Rs 1600 crore relating to NDTV.
If the idea is made operational in India, this will be the first of its kind in the entire world.
The move will empower the central bank to act on behalf of other banks against wilful defaulters.