Skip to main content

Insolvency law committee calls for stakeholder views

By
Insolvency law committee calls for stakeholder views
The Insolvency Law Committee has called for suggestions from stakeholders on the provisions of the Insolvency and Bankruptcy Code as well as the rules and regulations.
The government had constituted the committee on November 16 under the chairmanship of Injeti Srinivas, secretary, corporate affairs ministry, to take stock of functioning and implementation of the Insolvency and Bankruptcy Code.
It was also tasked with identifying the issues that might impact the efficiency of resolution and liquidation framework. The committee held its first meeting on December 8 and took a decision to take into account the views of all stakeholders while making recommendations for any changes required in the code.The corporate affairs ministry has asked the stakeholders to share their views on the matter by January 10, 2018.
TECHNICAL STANDARDS
The technical committee of the Insolvency and Bankruptcy Board of India (IBBI) on Thursday laid down technical standards for core services. These are meant to ensure and enforce the reliability, confidentiality and security of financial information to be stored by the information utilities
The IBBI has laid down the standards for data integrity and security to maintain confidentiality of information by adopting security frameworks used by the Reserve Bank of India and the Securities and Exchanges Board of India. The information utility has been told to preserve old records for a period of eight years from the date of closure of loan.
IBBI rules also detail the standards for authentication and verification for information and requirements for allotting unique identification number to users. The information utility stores financial information that helps establish defaults as well as verify claims expeditiously and thereby facilitates completion of transactions under the Insolvency and Bankruptcy Code, 2016 in a time bound manner.

The Economic Times , New Delhi, 15th December 2017

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more