RBI Directs All Financial Creditors to Submit Financial Information [Read Circular]

The Reserve Bank of India (RBI), last day mandated all financial creditors to submit financial information under the Insolvency law.

Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, mandates a financial creditor to submit financial information and information relating to assets in relation to which any security interest has been created, to an information utility (IU) in such form and manner as may be specified by regulations.

The form and manner in which financial creditors are to submit this information to IUs is specified in Chapter V of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

The letter addressed to all Scheduled Commercial Banks (Including RRBs), Small Finance Banks, Local Area Banks, all Co-operative Banks, all NBFCs and All India Financial Institutions said that “All financial creditors regulated by RBI are advised to adhere to the relevant provisions of IBC, 2016 and IBBI (IUs) Regulations, 2017 and immediately put in place appropriate systems and procedures to ensure compliance to the provisions of the Code and Regulations.”

To Read the full text of the Circular CLICK HERE