New Delhi, December 8 (IANS). RBI Deputy Governor M. Rajeswara Rao said that since its implementation in 2016, the Insolvency and Bankruptcy Code (IBC) has succeeded in improving the quality of bank assets and settling ‘bad loans’ worth more than Rs 10 lakh crore. Is of.
Addressing an International Conclave focused on insolvency resolution, Rao stressed the importance of collaborative efforts between parties with a focus on restructuring and revival and suggested that detailed study of IBC cases could provide valuable insights for future loan strategies. Could.
The Deputy Governor made this statement at a conference organized by the Insolvency and Bankruptcy Board of India (IBBI) in collaboration with INSOL India.
According to a statement issued by the Ministry of Corporate Affairs on Sunday, the Deputy Governor, while praising the substantial progress made in cleaning up the balance sheets of banks, also highlighted potential areas for improvement.
IBBI Chairperson Ravi Mital said in his address that very important changes have come from IBC. Significant behavioral changes in the debtor-creditor ecosystem have succeeded in eliminating “defaulters paradise”. He also mentioned the disposal of more than 28,000 cases before admission.
Dinkar Venkatasubramaniam, President, INSOL India, in his welcome address spoke about the development of IBC in India. Also highlighted the recent initiatives of INSOL India aimed at strengthening the insolvency ecosystem.
SBI Managing Director Rana Ashutosh Kumar Singh lauded the transformative impact of IBC on banks’ profitability and asset quality. He stressed the need to maintain ‘Bank Health’ as the cornerstone of achieving the vision of a developed India and also gave constructive suggestions for further improvements.
–IANS
ABS/ABM