The Banking Regulation Amendment) Act, 2017
The Banking Regulation (Amendment) Act, 2017 has amended the Banking Regulation Act,1949, which has inter alia conferred power upon the Central Government for authorising the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016. The said amendment specifically empowered the Reserve Bank to issue directions to banking companies for resolution of stressed assets and also allow the Reserve Bank to specify one or more authorities or committees to advise banking companies on ....
