2  BIS Review 29/2001  Diagram 1  Let me make a disclaimer before I go any further, lest anyone think I am trying to blacken the name of the GST and imply it was all a horrible mistake.
Recently, In January 2014, the Reserve Bank of India had released a comprehensive “Framework for Revitalising Distressed Assets in the Economy”. The Framework outlines a corrective action plan that will incentivise early identification of problem cases, timely restructuring of accounts which are considered to be viable, and taking prompt steps by banks for recovery or sale of unviable accounts.