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videos | IST

IRDA allows insurance companies to sign inter-creditor pact

The Insurance Regulatory and Development Agency (IRDA) has written a letter to the Indian Banks Association (IBA), saying it has permitted insurance companies to sign inter-creditor agreement (ICA) pact along with banks for the resolution of stressed assets.

The Insurance Regulatory and Development Agency (IRDA) has written a letter to the Indian Banks Association (IBA), saying it has permitted insurance companies to sign inter-creditor agreement (ICA) pact along with banks for the resolution of stressed assets.
The Reserve Bank of India (RBI) in its June 7th circular had directed lenders to identify stress quickly, sign ICA and resolve bad loans proactively. Since many of the lenders are insurance companies, IRDA approval becomes crucial for all lenders to unite and hammer out resolutions.