In order to ensure that compromise settlements of non-performing assets (NPAs) are done in a fair and transparent manner, the Reserve Bank of India on Monday issued a directive.
According to the central bank, the officer/authority sanctioning a compromise/one-time settlement should append a certificate stating that the compromise settlements are in conformity with the RBI guidelines.
The directive comes in the wake of serious concerns being expressed in different quarters and by the Debt Recovery Tribunals over the manner in which compromise settlements are being effected by banks.
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