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It was notified more than a year ago but so far only two insolvency cases have been initiated under this regime, available exclusively to micro, small, and medium enterprises (MSMEs). The Pre-packaged Insolvency Resolution Process (PIRP) has not found many takers as bank officials are wary of taking voluntary haircuts that may be questioned later.

Reliance Commercial owes creditors ₹9,017 crore. Authum has offered ₹2,207 crore - a 75% haircut for secured creditors - largely funded by internal cash reserves accumulated in the debtor and also some cash payment by Authum.

CBDT said in a detailed clarification that OTS or loan waiver by a bank will not be treated as a benefit or a perquisite and not face Tax Deducted at Source as they would have to bear the additional cost of tax deduction besides the haircut.

Dalal brings over 25 years of experience with 14 years from within the bank and has held several leadership roles across equities and prime finance for the investment bank and most recently as head of the Deutsche CIB Centre global delivery hub.

These banks have written to the Reserve Bank of India to permit them to operate with bigger banks and NBFCs, as they have the products and reach but are at a disadvantage when it comes to resources, two people familiar with the matter said.

JC Flowers ARC won the non-performing loan portfolio in an uncontested Swiss auction for Rs 11,183 crore, after Cerberus Capital and Asset Reconstruction Company of India (Arcil) that had teamed up for a bid dropped out of the race, as reported by ET on September 9.

Banks collectively through the Indian Banks' Association (IBA) reached out to the government over the issue last month, people familiar with the development said.

In another release, it said a penalty of Rs 59.10 lakh has been imposed on Woori Bank for non-compliance with RBI's directions on 'Creation of a Central Repository of Large Common Exposures - Across Banks'.