Page 48 - Banking Finance January 2018

RBI CIRCULAR

RBI CIRCULAR

Prompt implementation of Governments 1. According to Section 215 of Insolvency and Bankruptcy
Code (IBC), 2016, a financial creditor shall submit
instructions by agency banks financial information and information relating to assets

RBI/2017-18/111 in relation to which any security interest has been
created, to an information utility (IU) in such form and
DGBA.GBD/1616/15.02.005/2017-18
manner as may be specified by regulations. Chapter V
of the Insolvency and Bankruptcy Board of India
1. It is brought to our notice that some agency banks are
(Information Utilities) Regulations, 2017, which has
not adhering to instructions/ notifications issued by
Government (Central as well as States) promptly by come into force with effect from April 1, 2017, has
specified the form and manner in which financial
stating that further communications have not been
creditors are to submit this information to IUs. Further,
received by them from RBI.
as per Section 238 of the IBC, 2016 the provisions of
2. In this connection, all agency banks are advised to the Code shall have effect, notwithstanding anything
scrupulously follow all the guidelines /instructions inconsistent therewith contained in any other law for
contained in various notifications of Government the time being in force or any instrument having effect
(Central as well as States) and take necessary actions by virtue of any such law.
immediately without waiting for any further
2. The Insolvency and Bankruptcy Board of India (IBBI) has
instructions from RBI.
registered National E-Governance Services Limited
3. It is further advised that for queries related to such (NeSL) as the first IU under the IBBI (IUs) Regulations,
guidelines /instructions agency banks may take up the 2017 on September 25, 2017.
issue directly with concerned Governments and if the
queries are related to reporting to RBI, then it may be 3. All financial creditors regulated by RBI are advised to
adhere to the relevant provisions of IBC, 2016 and IBBI
addressed to DGBA /CAS, Nagpur.
(IUs) Regulations, 2017 and immediately put in place
Yours faithfully, appropriate systems and procedures to ensure
(Partha Choudhuri) compliance to the provisions of the Code and
General Manager Regulations.

Submission of Financial Information to Yours faithfully
(Prakash Baliarsingh)
Information Utilities Chief General Manager

RBI/2017-18/110
Settlement of Agency transactions in cer-
DBR.No.Leg.BC.98/09.08.019/2017-18

48 | 2018 | JANUARY | BANKING FINANCE

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