President gives nod to ordinance on banks' non-performing assets

President Pranab Mukherjee has given his nod to the ordinance dealing with the banking sector`s non-performing loans and the amendment to the Banking Act, television channels reported on Friday.

Spokesman for the President and the country`s finance minister Arun Jaitley declined to comment on the ordinance.

Finance Minister Arun Jaitley had said late on Wednesday that the cabinet had taken some significant decisions related to the banking sector, without revealing details saying the decisions needed Presidential assent.