RBI to frame new rules on recasting bad loans after SC scraps circular

The banking regulator did not consult the government before issuing the circular, which drags a bunch of companies to the IBC, the court had said

With the Supreme Court striking down the Reserve Bank of India's (RBI’s) February 12, 2018, circular, Governor Shaktikanta Das said on Thursday that the central bank would shortly come up with a revised circular for restructuring stressed assets.

Das said the apex court's order had not taken away any powers from the RBI. The powers were still vested with the regulator, he added, but they had to be exercised in a particular manner. The RBI would issue a revised circular without "undue delay", he told reporters after announcing the monetary policy.

"We will exercise the powers which Parliament has given