Late Monday night, in a notification, the Reserve Bank of India (RBI) announced a complete overhaul of the stressed asset resolution framework by immediately withdrawing existing schemes and asking lenders to resolve defaults within 180 days. Further, the central bank asked that starting February 23, all banks will identify defaults weekly make a disclosure every Friday to the RBI credit registry. In a 20-page notification issued on Monday, the RBI said that it is substituting the existing guidelines with a “harmonised and simplified generic framework” for asset resolution in view of the enactment of the Insolvency and Bankruptcy Code (IBC).

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