IBBI & RBI ink MoU for sharing information & resources
Published: Mar 12, 2018
By TIOLCORPLAWS News Service
To begin with, the MoU provides for sharing of information between the two parties, subject to the limitations imposed by the applicable laws. Further, the two agencies would now also be able to share resources available with each other, albeit to feasible and permissible extent. Moreover, under the agreement, the two would hold periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party's responsibilities, enforcement cases, research and data analysis, information technology and data sharing, or any other matter that the parties believe would be of interest to each other in fulfilling their respective statutory obligation.
Another aspect to be covered under this agreement is cross-training of staff in order to enhance each party's understanding of the other's mission for effective utilisation of collective resources. The pact also aims to build capacity of insolvency professionals and financial creditors. Moreover, the two agencies would put in joint efforts towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress under the provisions of the Code.