 "RBI, Reserve Bank of India")
The Reserve Bank of India (RBI) has permitted the transfer of loans that have been classified as fraud by lenders to asset reconstruction companies (ARCs), thus paving the way for resolution of such accounts.
The RBI has also said that the legal responsibilities regarding reporting, monitoring, filing of complaints with law enforcement agencies, and other such related matters with such exposures will move to the ARCs post the transfer.
“...stressed loans which are in default for more than 60 days or classified as NPA are permitted to be transferred to ARCs. This shall include loan exposures classified as fraud as
