Changing the culture of corporate credit
6 years, 10 months ago

Changing the culture of corporate credit

Live Mint  

Reserve Bank of India deputy governor N.S. Second, it is argued that even if firms default due to distress, these are genuine borrowers who are put in a difficult position because payments due to them are delayed. Stressed firms, kept in business by the lack of an effective insolvency regime and underreporting by lenders, have hurt India’s economy. Indeed, Vishwanathan has said that “early data shows that a large number of borrowers, even some highly rated ones, have failed on the one-day default norm”. RBI’s new regulations uphold the sanctity of the debt contract and provide the incentives needed to reform the poor credit culture in corporate India.

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History of this topic

2024 year-end review: How legal precedents and IBC reforms reshaped India's financial system
3 months, 1 week ago

2024 year-end review: How legal precedents and IBC reforms reshaped India's financial system

Firstpost  

The Indian banking system has undergone significant changes in recent years, largely due to the growing economy and increased consumer spending. Recovery statistics and IBC The enactment of the Insolvency and Bankruptcy Code in 2016 marked a transformative change in India’s banking and corporate law, providing a responsive framework for reorganising distressed corporate debtors and maximising their value. Creditors have …

Several states showing warning signs of stress; need to take corrective actions, says RBI article
2 years, 9 months ago

Several states showing warning signs of stress; need to take corrective actions, says RBI article

Firstpost  

The article was prepared by a team of economist under the guidance of deputy governor Michael Debabrata Patra Mumbai: Referring to economic crisis in Sri Lanka, a Reserve Bank article on Thursday said states are showing warning signs of building stress, and the five most indebted ones – Punjab, Rajasthan, Bihar, Kerala and West Bengal – need to take corrective …

Corporate India needs a proactive mindset for debt resolution
3 years, 3 months ago

Corporate India needs a proactive mindset for debt resolution

Live Mint  

Over the years, concerted efforts have been made to determine and resolve non-performing assets of banks and financial institutions in our country. As per the RBI’s March Financial Stability Report, gross NPAs are expected to be slightly elevated at around 11.22% of overall credit deployment by March 2022 for all scheduled commercial banks. In an effort to trim NPAs, a …

The bankruptcy code alone can’t resolve distressed debt
4 years, 3 months ago

The bankruptcy code alone can’t resolve distressed debt

Live Mint  

The Insolvency and Bankruptcy Code introduced a much-needed bankruptcy law to India. Hence, the need of the hour is to strengthen processes for the resolution of distressed debt operating in a pre-bankruptcy phase, and thereby help companies avoid the label of being bankrupt. This entails ensuring that distressed debt can be sold to those equipped to derive value, as well …

Asset quality pressures might return to haunt banks as lockdown stretch cashflows: Icra
5 years ago

Asset quality pressures might return to haunt banks as lockdown stretch cashflows: Icra

Live Mint  

The slow growth in credit amidst the Covid-19 pandemic and an already slowing economy will add to profitability pressures for banks and create additional asset quality stress, said a report by rating agency Icra on Wednesday. Icra said that while a loan repayment moratorium, if provided by the Reserve Bank of India, could assuage asset quality concerns, the inherent stress …

Opinion | Lighten India’s debt burden to give growth a chance
5 years, 4 months ago

Opinion | Lighten India’s debt burden to give growth a chance

Live Mint  

With India’s economy growing at the slowest pace in six years, many wonder why consumers, companies and even the public sector can’t set it right. For a time, it was forgotten as India’s economy got a welcome boost from falling oil prices, a surge in lending from shadow banks, and a rise in public sector investment. Oil prices stabilized, alarm …

Resolving stressed assets on time in your interest: RBI deputy governor NS Vishwanathan to banks
5 years, 7 months ago

Resolving stressed assets on time in your interest: RBI deputy governor NS Vishwanathan to banks

Firstpost  

Reserve Bank deputy governor NS Vishwanathan Tuesday exhorted bankers to ensure timely resolution of stressed assets under the new framework to extract the best value and underlined the need for dealing only in “genuine” cases Mumbai: Reserve Bank deputy governor NS Vishwanathan Tuesday exhorted bankers to ensure timely resolution of stressed assets under the new framework to extract the best …

RBI’s new prudential framework for stressed asset resolution credit positive: Moody’s
5 years, 9 months ago

RBI’s new prudential framework for stressed asset resolution credit positive: Moody’s

India TV News  

Moody’s Investors Service Monday said the Reserve Bank's new prudential framework for stressed asset resolution is ‘credit positive’, but flagged the slower-than-expected progress of resolution under Insolvency and Bankruptcy Code as a key hurdle. “The RBI’s revised framework for the resolution of stressed assets is credit positive, because it brings back the focus on the need for the timely resolution …

RBI sets new stressed assets norms
5 years, 9 months ago

RBI sets new stressed assets norms

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Friday issued a new framework for resolution of stressed assets, putting less stringent requirement on banks for classifying defaults as bad loans while at the same time continuing to incentivise them for accelerated resolution of stressed assets. The new norms require lenders to resolve non-performing assets over Rs 2,000 crore within 180 days …

RBI's revised guidelines for resolution of stressed assets likely before 23 May; poll code may not impact issuance of new rules
5 years, 10 months ago

RBI's revised guidelines for resolution of stressed assets likely before 23 May; poll code may not impact issuance of new rules

Firstpost  

Against the backdrop of the Supreme Court quashing an RBI circular, issued on 12 February, 2018, a revised set of rules is under works and would be released soon, they said. New Delhi/Mumbai: The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on issuance of a revised framework for resolution of stressed assets …

RBI’s revised guidelines for resolution of stressed assets likely before May 23
5 years, 10 months ago

RBI’s revised guidelines for resolution of stressed assets likely before May 23

Live Mint  

New Delhi: The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on issuance of a revised framework for resolution of stressed assets by the Reserve Bank of India and the guidelines are expected to be announced before May 23, sources said. Against the backdrop of the Supreme Court quashing an RBI circular, issued …

RBI’s revised debt resolution rules likely post-election
5 years, 11 months ago

RBI’s revised debt resolution rules likely post-election

Live Mint  

New Delhi: The RBI's revised stress assets resolution circular is likely to be out after the elections to clear the model code of conduct, and also the regulator may need time to have consultations with legal experts, industry and government before bringing the framework out, official sources said. As per the circular, banks were told to start the resolution process …

New NPA framework soon
5 years, 11 months ago

New NPA framework soon

Deccan Chronicle  

Mumbai: With the Supreme Court quashing the Reserve Bank of India’s February 12, 2018 circular on resolution of stressed assets as ultra vires, the central bank would be coming out with a revised circular on resolution of stressed assets. Das said that the Supreme Court order struck down the February 12 circular regarding resolution of stressed assets but the validity …

RBI to issue revised circular on bad loan resolution: Shaktikanta Das
5 years, 11 months ago

RBI to issue revised circular on bad loan resolution: Shaktikanta Das

Live Mint  

Mumbai: The Reserve Bank of India will issue a revised circular for resolution of stressed assets after its 12 February 2018 norms were struck down by the Supreme Court earlier this week, RBI governor Shaktikanta Das said on Thursday. The RBI will take steps in light of the court order, including issuance of a revised circular, for expeditious and effective …

RBI 12 February circular quashed gives power sector some breathing space
5 years, 11 months ago

RBI 12 February circular quashed gives power sector some breathing space

Live Mint  

Mumbai: The striking down of the Reserve Bank of India’s 12 February 2018 circular, which would have fast-forwarded defaulting companies to bankruptcy court, will now save stressed power assets from immediate liquidation, according to power sector executives. “This provides much-needed relief to power companies which had been taken to NCLT under the RBI circular, including assets of RattanIndia, GVK, IL&FS …

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal
5 years, 11 months ago

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal

Firstpost  

Last month, the RBI had maintained that there was no dilution in its stand with regard to 12 February circular on stressed assets recognition and resolution. In a major relief to stressed power, sugar and infrastructure firms, the Supreme Court on Tuesday quashed the Reserve Bank of India’s 12 February, 2018 circular on bankruptcy proceedings and declared it ultra vires_,_ …

No dilution on Feb 12 circular over stressed assets: RBI
6 years ago

No dilution on Feb 12 circular over stressed assets: RBI

Live Mint  

The Reserve Bank of India Saturday maintained that there is no dilution in its stand with regard to February 12 circular on stressed assets recognition and resolution. "It is reiterated that the Reserve Bank maintains its stand on all aspects of the Framework as has been consistently articulated in its communications, including the clarification given during the post-monetary policy press …

Opinion | An intruder undermines RBI
6 years, 1 month ago

Opinion | An intruder undermines RBI

Live Mint  

Bankruptcy proceedings usually involve protecting a firm’s assets from creditors. The ruling by the bankruptcy court, which is overseeing the government- Already India has lost two RBI governors because, among other things, they dared to ask banks to acknowledge problem loans in time, classify them correctly and make adequate provisions for losses. Already-delayed Indian tribunal proceedings will stretch forever, with …

The IBC has an incentive problem
6 years, 2 months ago

The IBC has an incentive problem

Live Mint  

The Insolvency and Bankruptcy Code was introduced by the Narendra Modi government in December 2016 to expeditiously resolve claims involving insolvent companies in a bid to tackle the ‘bad loan’ problem plaguing India’s banking system. A new study by National Institute of Public Finance and Policy’s Pratik Datta argues that such ‘value destruction’ of profitable businesses is due to certain …

Govt tussle with RBI could undermine financial stability; Urjit Patel's exit from central bank credit negative: S&P
6 years, 3 months ago

Govt tussle with RBI could undermine financial stability; Urjit Patel's exit from central bank credit negative: S&P

Firstpost  

New Delhi: Terming the exit of Urjit Patel as credit negative, S&P Global Ratings said the increasing involvement of the government in the affairs of the RBI could undermine the hard-fought improvements in the banking system over the past few years. “In particular, S&P Global Ratings views as credit negative the circumstances leading to the recent resignation of Urjit Patel, …

Duff and Phelps’s Varun Gupta: Interest in India’s stressed assets would go up meaningfully
6 years, 4 months ago

Duff and Phelps’s Varun Gupta: Interest in India’s stressed assets would go up meaningfully

Live Mint  

Mumbai: Jacob Silverman, president, and Varun Gupta, managing director and India lead, of global advisory Duff and Phelps, share their views on the initial set of cases under the Insolvency and Bankruptcy Code, and the company’s plans for India. Silverman: I would agree that it is evolving towards many of the governance standards around the world, whether it’s the UK, …

Opinion | Four lessons for the RBI board meeting in November
6 years, 4 months ago

Opinion | Four lessons for the RBI board meeting in November

Live Mint  

In the ongoing drama of the Government of India vs. the Reserve Bank of India, the scene shifts to Mumbai and 19 November when the next meeting of the RBI’s board of directors will take place. As per Business Standard on Monday, the government wants the RBI to reduce the capital adequacy ratio from 9% to 8% and there is …

Challenge Against RBI Circular On Stressed Assets By Power Companies: SC Transfers All Pending Matters Before HCs To Itself, Orders Status quo [Read Order]
6 years, 6 months ago

Challenge Against RBI Circular On Stressed Assets By Power Companies: SC Transfers All Pending Matters Before HCs To Itself, Orders Status quo [Read Order]

Live Law  

The Supreme Court Bench comprising Justice RF Nariman and Justice Indu Malhotra on Tuesday directed that twelve cases pertaining to the Insolvency Proceedings under the new RBI circular pending before High Courts of Madras, Gujarat, Allahabad, and Delhi be transferred to the Apex Court. 12492 of2018 pending before the High Court of Gujarat at Ahmedabad, Civil Misc. Earlier, the Allahabad …

Challenge Against RBI Circular On Stressed Assets By Power Companies: SC Transfers All Pending Matters Before HCs To Itself, Orders Status quo [Read Order]
6 years, 6 months ago

Challenge Against RBI Circular On Stressed Assets By Power Companies: SC Transfers All Pending Matters Before HCs To Itself, Orders Status quo [Read Order]

Live Law  

The Supreme Court Bench comprising Justice RF Nariman and Justice Indu Malhotra on Tuesday directed that twelve cases pertaining to the Insolvency Proceedings under the new RBI circular pending before High Courts of Madras, Gujarat, Allahabad, and Delhi be transferred to the Apex Court. 12492 of2018 pending before the High Court of Gujarat at Ahmedabad, Civil Misc. Earlier, the Allahabad …

Corporate India is equally to blame for the banking crisis
6 years, 9 months ago

Corporate India is equally to blame for the banking crisis

Live Mint  

Even as frauds and murky dealings continue to tumble out of the closets of the biggest names in Indian banking, there is danger in assuming that the problem is restricted to that industry. India’s banking crisis isn’t just about the likes of Punjab National Bank, Bank of Maharashtra or ICICI Bank Ltd. India’s corporate sector, including some of its largest …

IBC, new stress recognition norms bode well for financial stability, says RBI Deputy Governor Viral Acharya
6 years, 9 months ago

IBC, new stress recognition norms bode well for financial stability, says RBI Deputy Governor Viral Acharya

Firstpost  

RBI Deputy Governor Viral Acharya regretted that amid ongoing churning in the financial sector, governance reforms in the beleaguered PSBs have taken a backseat Mumbai: RBI Deputy Governor Viral Acharya on Tuesday said initiatives like Insolvency and Bankruptcy Code and norms for prompt recognition of bad loans bode well for financial stability despite short-term pain. In the foreword of the …

RBI to FinMin: 12 February circular gives enough space for resolution of bad loans in power sector
6 years, 9 months ago

RBI to FinMin: 12 February circular gives enough space for resolution of bad loans in power sector

Firstpost  

RBI made its stand clear at a stakeholders’ meeting, called by the ministry to discuss the circular, the implementation of which was stayed for the power sector by Allahabad High Court. The Reserve Bank of India on Thursday indicated to the finance ministry that its 12 February circular on new framework for stressed assets provides enough space for resolution of …

Govt lauds RBI's stricter rules to tackle bad loans, says it is a wake up call for loan defaulters
7 years, 1 month ago

Govt lauds RBI's stricter rules to tackle bad loans, says it is a wake up call for loan defaulters

Firstpost  

New Delhi: In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a “wake up call” for defaulters. Under the new rules, insolvency proceedings would have to be initiated in case of a loan of Rs 2,000 …

Writing Of Debt And Debt Restructuring: Another Conundrum With The Ordinance Amendment To The Insolvency Bankruptcy Code
7 years, 3 months ago

Writing Of Debt And Debt Restructuring: Another Conundrum With The Ordinance Amendment To The Insolvency Bankruptcy Code

Live Law  

Economic development needs an evolved legal system that can support and complement it. The need for refined corporate case resolution with the rise in complexity of investments and global market integration was one of the intentions of a consolidated comprehensive law on corporate insolvencies and bankruptcies in India. The IBC, on its own has left a lot of room for …

RCom defaults on dollar debt in test for Insolvency and Bankruptcy Code
7 years, 4 months ago

RCom defaults on dollar debt in test for Insolvency and Bankruptcy Code

Live Mint  

Hong Kong: The first default on US dollar bonds by an Indian company in 15 months may become a closely watched test case for how international creditors will fare under the country’s new bankruptcy laws. An improved resolution process would not only encourage foreign money managers to increase holdings of Indian distressed debt, it could also help reduce borrowing costs …

Rs 2.6 lakh crore may slip into NPA category in next 12-18 months: India Ratings
7 years, 10 months ago

Rs 2.6 lakh crore may slip into NPA category in next 12-18 months: India Ratings

India TV News  

Domestic rating agency India Ratings and Research today said the banking system has Rs 7.7 lakh crore of unrecognised stressed loans in corporate and SME sector and expects around 35 per cent of them to slip into the NPA category in the next 12-18 months. We estimate that potentially Rs 2.6 trillion of corporate and SME loans, which is 3.2 …

Private banks continue to hide substantial bad debts: RBI audit
7 years, 10 months ago

Private banks continue to hide substantial bad debts: RBI audit

Op India  

Private sector banks continue to hide a large chunk of stressed assets. There is a huge mismatch between the Reserve Bank of India estimation and respective private bank’s own estimation of stressed assets as the private banks under report the non-performing assets figures. On April 18, the RBI introduced new rules that mandate banks to disclose the bad debt numbers, …

What is the lowdown on the directive to RBI on bad loans
7 years, 10 months ago

What is the lowdown on the directive to RBI on bad loans

The Hindu  

What is it The Central government has amended the Banking Regulation Act to give more powers to the Reserve Bank of India to fast-track resolution of stressed assets in a time-bound manner. Section 35A of the Act was amended for the purpose, and two Sections were inserted: 35 AA authorises the RBI to issue directions to banks to initiate the …

Bad debt situation not that grim, recovery hopes intact: Arundhati Bhattacharya
7 years, 10 months ago

Bad debt situation not that grim, recovery hopes intact: Arundhati Bhattacharya

Live Mint  

Yokohama : State Bank of India, the country’s largest lender, on Saturday said most of the nation’s bad loans belong to industries that are still in business and banks will probably recover the write-downs when growth turns up and they perform again. Speaking at a seminar on ‘Asian Banking in Challenging Times’ here, SBI chairman and managing director Arundhati Bhattacharya …

India needs a bad bank to clean up soured debt, say rating firms
8 years ago

India needs a bad bank to clean up soured debt, say rating firms

Live Mint  

Mumbai/Hong Kong: Ratings companies including Fitch Ratings Ltd have come out in favour of setting up a state-backed ‘bad bank’ to tackle India’s ballooning stressed assets problem, a move resisted by Raghuram Rajan, the former governor of the Reserve Bank of India. The government had earlier suggested using the RBI’s own capital to either be directly injected into public-sector banks …

Creation of bad bank may quicken resolution of stressed assets’ issue: Report
8 years, 1 month ago

Creation of bad bank may quicken resolution of stressed assets’ issue: Report

Live Mint  

Mumbai: Creation of bad bank might accelerate the resolution of stressed assets in the banking sector, said international rating agency Fitch Ratings in a report on Friday. According to the rating agency, banks would need capital to cover haircuts taken during the sale of stressed assets, and the bad bank would most likely require capital to cover any losses incurred …

Bank NPAs: RBI's Viral Acharya warns of Japan's lost decade; here's full text of his speech
8 years, 1 month ago

Bank NPAs: RBI's Viral Acharya warns of Japan's lost decade; here's full text of his speech

Firstpost  

In a hard hitting speech, Reserve Bank of India’s new deputy governor Viral Acharya has said that urgent action is required to tackle the deepening NPA crisis at banks. Since the Reserve Bank of India initiated the Asset Quality Review of banks in the second half of 2015, it appears that possibly up to a sixth of public sector banks’ …

Is Viral Acharya’s solution for stressed assets viable for Indian banks?
8 years, 1 month ago

Is Viral Acharya’s solution for stressed assets viable for Indian banks?

Live Mint  

Mumbai: The stressed asset resolution mechanism suggested by the newly-appointed deputy governor of the Reserve Bank of India, Viral Acharya, might just be what the Indian banking system needs at a stage where it is threatened by a Rs7 trillion bad loan problem. Acharya’s suggested mechanism acknowledges that the only real way of removing the stress off bank books is …

RBI’s Viral Acharya proposes new steps to tackle bad loans
8 years, 1 month ago

RBI’s Viral Acharya proposes new steps to tackle bad loans

Live Mint  

Mumbai: Reserve Bank of India deputy governor Viral Acharya on Tuesday floated two proposals to restructure stressed debt in troubled sectors. In his first public speech after taking charge on 23 January, the NYU-Stern professor said in cases where there is economic value in the short run, banks could consider a private asset management company structure, with a moderate level …

Banks face ‘significant’ stress, but stable overall, says RBI
8 years, 2 months ago

Banks face ‘significant’ stress, but stable overall, says RBI

Live Mint  

Mumbai: The banking sector continues to face “significant” levels of stress but the financial system remains stable overall after moves to enhance transparency, Reserve Bank of India governor Urjit Patel said in the biannual Financial Stability Report. Stressed assets levels could increase further under baseline case scenarios, especially at state-run lenders, but the overall financial system remained stable after recent …

Rajan warns against unwarranted use of stressed asset schemes
8 years, 6 months ago

Rajan warns against unwarranted use of stressed asset schemes

Firstpost  

The Governor said that focus should now move to improving operational efficiency of stressed assets and creating the right capital structure so that all stakeholders can benefit. Mumbai: Outgoing RBI Governor Raghuram Rajan has warned banks against “unrealistic application” of stressed asset resolution schemes to postpone recognition of NPAs. “Some of the current difficulties come from an unrealistic application by …

Banks taking majority stake in stressed-debt funds unwarranted, says RBI's Rajan
8 years, 9 months ago

Banks taking majority stake in stressed-debt funds unwarranted, says RBI's Rajan

Firstpost  

The Indian government is looking for ways to reduce banks’ distressed debt pile of $120 billion, or 11.5 percent of all loans India’s central bank is opposed to banks taking a majority stake in planned stressed-asset funds, and would rather have external investors provide their expertise in managing soured loans, Governor Raghuram Rajan said on Tuesday. The Indian government is …

India's bankruptcy law positive for banks: Moody's
8 years, 10 months ago

India's bankruptcy law positive for banks: Moody's

India TV News  

Chennai: Global credit rating agency Moody's Investors Service on Thursday said India's bankruptcy code boosts creditors bargaining power against big borrowers. "The current weak legal framework for asset resolution has been a key structural credit weakness for Indian banks," Srikanth Vadlamani, vice president and senior credit officer at Moody's. "The proposed new rules address several key inefficiencies in the current …

RBI gives banks more time to exit SDR assets
9 years, 1 month ago

RBI gives banks more time to exit SDR assets

Live Mint  

Mumbai: The Reserve Bank of India on Thursday announced changes in its strategic debt restructuring scheme, allowing banks more time to divest their holdings in companies they take control of. In June 2015, RBI introduced the SDR rules, which allowed banks to convert loans into majority equity, and find a new buyer for the company over a period of 18 …

Parliamentary panel says banks urgently need to clean up bad debts
9 years, 1 month ago

Parliamentary panel says banks urgently need to clean up bad debts

Deccan Chronicle  

Mumbai: Indian banks urgently need to reduce their troubled loans, a panel of lawmakers said on Wednesday, calling for measures that include bolstering bank credit-appraisal capabilities and making public the names of the main defaulters. Junior Finance Minister Jayant Sinha has put total stressed loans at Indian banks at 8 trillion rupees. "Considering the effect bad loans have in eroding …

Financial Stability report: Corporate bad loan problem can be tackled by faster economic revival
9 years, 3 months ago

Financial Stability report: Corporate bad loan problem can be tackled by faster economic revival

Firstpost  

Concerns over rising bad loans clearly dominated the Financial Stability Report of the Reserve Bank of India, released on Wednesday evening. There has been a significant increase in the Gross Non-Performing Assets ratios of large borrowers among state-run banks from 6.1 percent in March 2015 to 8.1 percent in September 2015, leading to an overall increase of bad loans in …

Weak balance sheets, bad loans increase risks for banks: RBI
9 years, 3 months ago

Weak balance sheets, bad loans increase risks for banks: RBI

The Hindu  

The Reserve Bank of India expressed concern over high corporate leverage as bad loans from the country’s top corporations increased sharply between March and September, 2015. A significant increase in the gross non-performing asset ratios of large borrowers among public sector banks, from 6.1 per cent in March 2015 to 8.1 per cent in September 2015, has led to an …

RBI financial stability report: An infra-bomb is ticking in state-run banks’ books
9 years, 9 months ago

RBI financial stability report: An infra-bomb is ticking in state-run banks’ books

Firstpost  

State-run banks, in particular, are already in a dangerous position on account of three major issues — shortage of capital, lack of autonomy and the huge level of stressed assets There is a clear warning from the Reserve Bank of India to the North Block on the build up of stress on the balance sheet of Indian banks emerging from …

RBI warns banks of high attrition
10 years, 1 month ago

RBI warns banks of high attrition

The Hindu  

Attrition is going to be the norm in the banking industry in the days to come, and banks should be prepared for the future, Reserve Bank of India Deputy Governor R. Gandhi said here on Friday. Attrition is going to be the norm,” said Mr. Gandhi, while speaking at the Financial Markets Conclave, organised by National Institute of Securities Markets. …

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