Pune, 24 July, 2018: The Reserve Bank of India (RBI), vide its circular dated February 12, 2018 has issued a revised framework for resolution of stressed assets (“RBI Circular”). The RBI Circular inter alia requires each bank to have board approved policies for dealing with stressed assets / accounts.
Bank of Maharashtra has on 23rd July 2018, signed Inter Creditor Agreement with other Banks pursuant to the recommendation of Sunil Mehta Committee and under the aegis of Indian Banks’ Association (IBA), an Inter-creditor Agreement (ICA) has been prepared which shall serve as a platform for the banks and financial institutions to come together and take joint and concerted actions towards resolution of stressed accounts.
The salient features of the ICA are summarized below:
“Bringing down stressed assets is the key focus for us, as well as, the banking industry. We believe that being part of a consortium / multiple banking arrangement, the ICA will help all the lenders for a fast-track NPA resolution process,” said Shri A.C. Rout, Executive Director, Bank of Maharashtra.
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