How long will it take for RBI's loan-recast plan to see the light of day?

It will take some effort to ensure that the RBI's one-time loan recast scheme works satisfactorily, reports Raghu Mohan

How long will it take for the first loan-recast plan — under the scheme announced by the Reserve Bank of India (RBI) on August 6 — to see the light of day? Frankly, nobody has an answer; a good many senior bankers even feel it may turn out to be a non-starter.
 

Let’s take the inter-creditor agreement (ICA) on which hinges the recast programme.
 

You get a glimpse of its progress only in one central bank publication — the Financial Stability Report of December 2019. The report said that as of June 2019, an ICA is yet to be signed