Banks may drop overseeing panel for quicker resolution
The Indian Banks’ Association will write to its members advising them to drop the standard clause in the inter-creditor agreement that calls for this, said a senior executive aware of developments. Banks had continued to route stressed asset resolution proposals through the OC even after revised guidelines issued by the RBI in June 2019 on ‘Prudential Framework for Resolution of Stressed Assets’ didn’t mention such a requirement.
MFI portfolio rose 8.4 per cent in FY'21: ReportThe sector was hit as borrowers-generally small sized loans from the bottom of the pyramid were adversely impacted in their ability to repay loans. This was due to job and income losses arising out of pandemic induced lockdown throughout the country creating economic disruptions.
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