Compromise Settlement
Recently, the Reserve Bank of India (RBI) issued a comprehensive regulatory framework governing compromise settlements and technical write-offs covering all the regulated entities (REs).
- The purpose is to allow wilful defaulters and loans accounts involved in frauds to go in for a compromise settlement with banks to settle their dues.
About Compromise Settlement
- It refers to a negotiated settlement where a borrower offers to pay and the bank agrees to accept in full and final, settlement of its dues an amount less than the total amount due to them under the relative loan contract.
- This settlement invariably involves a certain sacrifice ....
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