Union Finance Minister P. Chidambaram on Monday succeeded in getting a Bill on recovery of debts passed by the Lok Sabha after the BJP-led entire Opposition staged a walkout.

The entire Opposition wanted Mr. Chidambaram to send the bill to the committee, but the finance minister argued that sending the Bill to a committee would delay it further.

The Bill aims to make amendments in two laws, viz. Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, and the Recovery of Debts Due to Banks & Financial Institutions Act, 1993.

After the Opposition's walkout, the Enforcement of Security Interest & Recovery of Debts Laws (Amendment) Bill, 2011, got approved by a voice vote.

Mr. Chidambaram said, "We have got this Bill finally listed for a debate in 2012 and it is necessary in the interests of the very banking system that everybody was keen to protect that this Bill should be passed now."

Mr. Chidambaram added that that the changes were just technical in nature but they were essential to address the issue of increasing NPAs (non-performing assets).

Gross NPAs have risen to nearly 3.5 per cent, but Mr. Chidambaram said it was not too high for an emerging economy like that of India. He also expressed hope that the situation would improve in near future.