Former RBI Governor Urjit Patel says new bankruptcy law caused rift with government

Former RBI Governor Urjit Patel says new bankruptcy law caused rift with government
The rift centered around a February 2018 circular issued by the RBI, which forced banks to immediately classify borrowers as defaulters when they delayed repayments, barred defaulting company founders from trying to buy back their firms during insolvency auctions, and push them into bankruptcy if a resolution timeline wasn’t met.