The Lakshmi Mittal-owned global steel giant bagged the lenders' approval following a long legal battle with other players in the race for acquiring Essar Steel.

ArcelorMittal said it will pay Rs 7,469 crore to the creditors of Uttam Galva and KKS Petron to be eligible to acquire the debt-laden firm, as per Supreme Court order.

The cleanup of the financial system was actually initiated by the previous governor, Raghuram Rajan, when he started the Asset Quality Review (AQR) of banks in July 2015, which forced banks to stop ever greening loans and owe up to their bad loans.

The Supreme Court allowed ArcelorMittal and Numetal to submit fresh bids for Essar Steel provided they clear their NPA dues in two weeks.

The government sounds confident that it can crack NPAs with the Insolvency and the Bankruptcy Code (IBC).

Finance Minister Arun Jaitley on Monday blamed the aggressive lending by public sector banks (PSBs) under UPA rule for rise in NPAs.

How ultra-rich stay rich; their world of trusts, private bankers and offshore destinations.

Experts say that the ongoing trade war between the US and China could make Indian products, like machinery, electrical equipment, vehicles and transport parts, chemicals, plastics and rubber products, competitive in the US markets.