<h1>RBI Forms Committee to Guide Insolvency Referrals for Accounts Over Rs. 5000 Crore Under Insolvency and Bankruptcy Code, 2016.</h1> The Reserve Bank of India (RBI) has formed an Internal Advisory Committee (IAC) to establish criteria for referring accounts for resolution under the Insolvency and Bankruptcy Code, 2016 (IBC). The IAC recommended referring accounts with outstanding amounts over Rs. 5000 crore and 60% classified as non-performing as of March 31, 2016. Consequently, RBI directed certain banks to initiate insolvency proceedings for 12 qualifying accounts. For other non-performing accounts, banks must finalize a resolution plan within six months or file for insolvency. Details of borrowers remain confidential under RBI regulations. Banks are advised on specific provisioning requirements for these accounts.