Banks must adhere to timelines for corrective action plan: RBI

Decisions agreed upon by 50% of creditors by number in JLF is basis for deciding cap

Reserve Bank of India today issued notification on timelines for stressed assets resolution.

RBI reiterated that lenders must scrupulously adhere to the timelines prescribed in the framework for finalising and implementing corrective action plan.

"Decisions agreed upon by a minimum of 60% of creditors by value and 50% of creditors by number in Joint Lender Forums (JLF) would be considered as basis for deciding cap, will be binding on all lenders," said RBI.