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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 Bombay High Court (HC) has stayed, till 11 September 2023, the effects of master directions issued by the Reserve Bank of India (RBI) on fraud classification and reporting by commercial banks. A division bench of Justice GS Patel and Justice Neela Gokhale stayed the effects of RBI master directions until it hears petitions challenging the directions.
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.
According to the RBI, the primary regulatory objective of the circular -- issued on June 8, 2023 -- is to enable multiple avenues to lenders to recover the money in default without much delay.