- It mandated a 30-day review period for defaulted accounts.
- Required lenders to decide on a resolution strategy within this period.
- Introduced the need for an Inter-Creditor Agreement (ICA).
- Set strict timelines (180 days, 365 days) for resolution plan implementation.
- Imposed additional provisioning for delays.
- Incentivized moving cases to the Insolvency and Bankruptcy Code (IBC).
- Made the framework applicable to a broader set of financial institutions.