Bankruptcy board, RBI enters into pact for increased cooperation

The Insolvency and Bankruptcy Board of India inked an agreement with the RBI for increased cooperation in effective implementation of the insolvency law. The pact, which provides for sharing of information as well as resources, among others, also comes at a time when the authorities are working on ways to address the huge amount of nonperforming assets in the banking sector.

An official release said the IBBI and the RBI are interested in the effective implementation of the Code and its allied rules and regulations, through a quick and efficient resolution process.