Stay updated with breaking news from Compromise Settlements. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The RBI has asked lenders to put in place board-approved policies for undertaking compromise settlements with the borrowers as well as for technical write-offs. The rules formalised by the board will also specify proposals for compromise settlements in respect of debtors classified as fraud or wilful defaulter.
When it comes to bank loan defaults, the Reserve Bank of India’s (RBI’s) views seem to swing from one extreme to another, like a pendulum. It started in 2016 with RBI requiring strict classification of non-performing assets (NPAs) and fraud accounts.
The Reserve Bank of India (RBI) said on Tuesday that a "compromise settlement" with borrowers aims to enable multiple avenues to lenders to recover the money in default without much delay.The RBI made the remarks while issuing a set ...
The Reserve Bank of India (RBI) said on Tuesday that a "compromise settlement" with borrowers aims to enable multiple avenues to lenders to recover the money in default without much delay.
While some reports had said that wilful defaulters can now get a new loan after 12 months of executing a compromise settlement, the RBI said this was not the case.