India starts $32bn bailout to help state banks clear bad debt – Nikkei Asian Review

MUMBAI — India has launched its recapitalization scheme totaling 2.1 trillion rupees ($32.3 billion) to help state-run banks write off nonperforming loans and put the economy back into high gear. State Bank of India, the country’s largest commercial bank, said Friday that shareholders approved a private allotment of preferential shares for the government. The bank will receive an…

The Department Of Human Services Says RoboDebt ‘Went Well’ And ‘Delivered Lots Of Savings’ – Gizmodo Australia

In July 2016 the Australian Government rolled out a new automated income matching system for detecting and recovering debts. The Online Compliance Intervention Program, which soon became known as “Robodebt”, was designed to help the Department of Human Services collect $4.5 million in debt every day. In that sense, it was super efficient. Too efficient,…