Union Budget 2024: In the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman unveiled plans to expand financial services in the Northeastern states by setting up 100 new branches of India Post Payments Bank (IPPB). This initiative aims to enhance financial inclusion and accessibility in the region.

IPPB, which currently manages millions of accounts through its extensive branch network, was established by the RBI in 2016 to simplify the transfer of remittances from urban workers to their rural families.

Strengthening Insolvency Framework:

The Finance Minister also highlighted the achievements of the National Company Law Tribunals (NCLTs) under the Insolvency and Bankruptcy Code (IBC). Over 1,000 companies have been successfully resolved, resulting in a recovery of ₹3.3 lakh crore for creditors. Additionally, 28,000 cases involving more than ₹10 lakh crore were resolved before formal admission.

To build on this success, Sitharaman proposed several reforms to enhance the insolvency and debt recovery processes. These include improving the efficiency of NCLTs, strengthening debt recovery tribunals, and creating additional tribunals specifically for cases under the Companies Act. The aim is to expedite insolvency resolutions and streamline debt recovery efforts.

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