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RBI SETS UP PANEL FOR STRESSED LOANS RESOLUTION NORMS

RBI SETS UP PANEL FOR STRESSED LOANS RESOLUTION NORMS

Context

Reserve Bank of India (RBI) constituted the proposed expert committee for stressed loans.

Background

  • Recently RBI has announced a ‘Resolution Framework for COVID-19-related Stress’.
  • This framework would be a special window under the Prudential Framework on Resolution of Stressed Assets which was issued in June 2019.
  • It mandates an expert committee by the RBI to make recommendations on the required financial parameters to be factored into the resolution plans.
  • Recommendations should be sector-specific.

Details

  • The committee is constituted under the chairmanship of K.V. Kamath.
  • It will make recommendations on norms for the resolution of COVID-19 related stressed loans.
  • It will submit its recommendations on the financial parameters to the RBI.
  • Its secretariat will be the Indian Banks’ Association (IBA).
  • It will undertake the process validation for the resolution plans to be implemented under this framework.

About Indian Banks’ Association (IBA)

  • It was formed on 26 September 1946.
  • It acts as a representative body of management of banking in India.
  • It  was formed for development, coordination and to strengthen Indian banking.
  • It also assists the member banks in various ways including implementation of new systems and adoption of standards among the members.

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