On the other hand, if the timelines are met, the deterioration in loan classification is halted. Furthermore, by bringing the banks and NBFCs into one forum, RBI has made it easier for the promoter and the creditors to reach a consensus on actions, even while making it harder for the promoter to play one creditor off against another.
With the commitment and perseverance of my predecessors as well as the support of our lawmakers and the National Government, our legislative advocacies have borne fruit with the passage of the landmark laws for the financial system. In October 2018, Republic Act (RA) No. 11127, or the National Payment Systems Act (NPSA) was signed into law.