The two apex regulatory authorities of India, the Reserve Bank of India and the Insolvency and Bankruptcy Board of India signed a Memorandum of Understanding for for enhanced co-operation between the two authorities for the better implementation of the Insolvency and Bankruptcy code (IBC).
The MoU was signed by Sudarshan Sen, executive director of RBI, and Mamta Suri, executive director of IBBI. The MoU was signed on the sidelines of the fourth meeting of the Insolvency Law Committee (ILC)
The MoU was signed by Sudarshan Sen, executive director of RBI, and Mamta Suri, executive director of IBBI. The MoU was signed on the sidelines of the fourth meeting of the Insolvency Law Committee (ILC)
Details of the MoUs
- RBI and IBBI will share data and resources upto the law abiding limits.
- Discussion to curb regulatory bottlenecks with respect to implementation of IBC will be organised.
- Efforts for capacity building of insolvency professionals and financial creditors will be jointly taken by the two authorities.
- Focus will be on raising the awareness among financial creditors about the necessity of swift resolution of firms in distress.
- Enforcement of cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilisation of collective resources; capacity building of insolvency.
