CA Sansaar
Submission of Financial Information to Information Utilities - RBI
Print RBI/2017-18/110
DBR.No.Leg.BC.98/09.08.019/2017-18
December 19, 2017
All Scheduled Commercial Banks (Including RRBs),
Small Finance Banks, Local Area Banks,
All Co-operative Banks,
All NBFCs and All India Financial Institutions
Dear Sir/Madam
Submission of Financial Information to Information Utilities
According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, to an information utility (IU) in such form and manner as may be specified by regulations. Chapter V of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, which has come into force with effect from April 1, 2017, has specified the form and manner in which financial creditors are to submit this information to IUs. Further, as per Section 238 of the IBC, 2016 the provisions of the Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.
2. The Insolvency and Bankruptcy Board of India (IBBI) has registered National E-Governance Services Limited (NeSL) as the first IU under the IBBI (IUs) Regulations, 2017 on September 25, 2017.
3. All financial creditors regulated by RBI are advised to adhere to the relevant provisions of IBC, 2016 and IBBI (IUs) Regulations, 2017 and immediately put in place appropriate systems and procedures to ensure compliance to the provisions of the Code and Regulations.
Yours faithfully
(Prakash Baliarsingh)
Chief General Manager
DBR.No.Leg.BC.98/09.08.019/2017-18
December 19, 2017
All Scheduled Commercial Banks (Including RRBs),
Small Finance Banks, Local Area Banks,
All Co-operative Banks,
All NBFCs and All India Financial Institutions
Dear Sir/Madam
Submission of Financial Information to Information Utilities
According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, to an information utility (IU) in such form and manner as may be specified by regulations. Chapter V of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, which has come into force with effect from April 1, 2017, has specified the form and manner in which financial creditors are to submit this information to IUs. Further, as per Section 238 of the IBC, 2016 the provisions of the Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.
2. The Insolvency and Bankruptcy Board of India (IBBI) has registered National E-Governance Services Limited (NeSL) as the first IU under the IBBI (IUs) Regulations, 2017 on September 25, 2017.
3. All financial creditors regulated by RBI are advised to adhere to the relevant provisions of IBC, 2016 and IBBI (IUs) Regulations, 2017 and immediately put in place appropriate systems and procedures to ensure compliance to the provisions of the Code and Regulations.
Yours faithfully
(Prakash Baliarsingh)
Chief General Manager
Category : RBI | Comments : 1 | Hits : 13420
Comments
Khaja Anwar Mohiuddin
20-Dec-2017 , 07:57:45 amThe information required under Financial Utilities w.e.f 30.04.2017 received from Banks if not the reasons to be immediately called for and stern action to be taken even if necessary place the default officers under suspense and later if found negligent t