The Reserve Bank of India (RBI) has informed that five complaints /representations regarding irregularities in restructuring of loans in public sector banks in the country have been received. One representation is from Institute of Cost & Works Accountants of India (ICWAI), a complaint from a Member of Parliament and three complaints are from other persons.
A Working Group (WG), constituted by RBI to review the Prudential guidelines on Restructuring of Advances, had examined the issues related to misuse of restructuring mechanism and made various recommendations for rationalizing and tightening the existing guidelines. Taking into account the recommendations of WG and comments received from various stakeholders, a detailed guideline on restructuring of advances was issued by RBI on May 30, 2013.
This was stated by Shri Namo Narain Meena, MoS in the Ministry of Finance in written reply to a question in the Rajya Sabha.
Tags: Finance Minister, Finance Ministry, Rajya Sabha, rbi, Reserve Bank of India, Restructuring, Run batted in, Working Group