Banks Seek More Time To Implement Stress Resolution Guidelines
News: Lenders have sought more time from the Reserve Bank of India (RBI) to implement the RBI's new guidelines on recognition and early resolution of stress as they believe the 30-day stress-resolution norms are a bit too rigid. Lenders have sought a minimum of 60 days to firm up the resolution mechanism, called the Corrective Action Plan (CAP). 'Banks have to conduct audits, such as receivables audit, viability audit and forensic audit, before working out a package. These cannot be done within the suggested timeframe. It needs at least two months to complete the work,' Bank of India Chairperson and Managing Director V R Iyer said (Business Standard).