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This circular issued by the Reserve Bank of India (RBI) provides important guidelines for Regulated Entities (REs) participating in Government Debt Relief Schemes (DRS). It aims to ensure that REs maintain financial discipline while participating in DRS and addresses various prudential concerns, such as asset classification and provisions for non-receipt of dues. The circular outlines the requirements for REs in dealing with Government Debt Relief Schemes and the procedural guidelines for efficient implementation.

Participation in DRS:
REs that participate as lenders in DRS must comply with the guidelines in Annex-1, which lays down broad principles to be followed by the REs. These principles will apply to DRS notified after the issue of this guideline and are supplementary to the existing guidelines for resolution of stressed assets.
Annex-1 focuses on the prudential treatment of any waiver of debt or sacrifice by REs under DRS, and how such actions should be accounted for in the REs’ books.

Model Operating Procedure (MOP):
A Model Operating Procedure has been shared with State Governments in Annex-2 to guide them in designing and implementing DRS. The MOP ensures a consultative approach that aims to prevent misalignment of expectations among the stakeholders involved, such as the Government, lenders, and borrowers.
Annex-2 is designed to offer a comprehensive approach for a smooth implementation of DRS by addressing key aspects such as borrower identification, fiscal support from the Government, and the timely settlement of dues.

Outstanding Dues:
For any relief measures that were announced prior to these guidelines, if the dues from the Government remain unpaid for more than 90 days, a provision of 100% must be made by the REs.
REs must take proactive measures and pursue the settlement of such dues by actively following up with the concerned Government authorities.