RBI relaxes norms for stressed assets, replaces one-day default rule. Deloitte overlooked IFIN’s evergreening of loans for 10 years, reveals SFIO. Main progress on US-China trade to be at Trump-Xi summit. US reaches agreement with Mexico to reduce the flow of migrants to the southwestern border, Trump calls off plan to impose tariffs on Mexico. Uber’s Chief Operating Officer and Chief Marketing Officer stepping down.
Moving on to the top Business news today:
RBI relaxes norms for stressed assets, replaces one-day default rule.
New Framework: The Reserve Bank of India (RBI) on Friday issued a new prudential framework for the resolution of stressed assets, replacing the February 12, 2018 circular that was recently struck down by the Supreme Court.
Because the Devil is in the Details: Some major changes in the new circular are:
Here’s a closer look at the new framework.