New framework, awaiting Presidential assent, wants cashrich PSUs as buyers The new framework for nonperforming assets (NPAs) will allow stateowned banks to conduct open auctions of NPAs, wherein cashrich public sector companies will be encouraged to buy such assets in their sector. The new framework to deal with ~6 lakh crore worth of toxic assets was approved by the Cabinet on Wednesday.It contains a set of fresh guidelines for public auction of assets by public sector banks (PSBs) for the steel and power sectors, which account for a majority of toxic assets. The NPA framework includes an Ordinance to amend the Banking Regulations Act to give more teeth to the Reserve Bank of India (RBI) and its oversight committees to act and intervene on behalf of banks while deciding on toxic assets.The amendment planned is to Section 35A of the Act and will give the RBI the right to issue a directive in the interests of banks. Sources told Business Standard that when stressed assets were put