- The circular mandated a review of borrower accounts within 30 days of default.
- Lenders had to decide on a resolution strategy within this period.
- It required an inter-creditor agreement (ICA) for resolution plans.
- It set a 180-day deadline for implementing resolution plans.
- It introduced disincentives (additional provisioning) for delayed implementation.
- It encouraged lenders to move to the IBC Code.
- It applied to Scheduled Commercial Banks, Small Finance Banks, NBFCs, and DFIs.