The Reserve Bank of India (RBI) on Saturday reiterated that it maintains its stand on all aspects of the revised framework on resolution of stressed assets issued on February 12, 2018, as per an RBI notification. The banking regulator maintained its stand on all the aspects of the framework, as has been consistently articulated in its communications, including the clarification given during the post-monetary policy press conference on February 7 this year, said the RBI. In the February 12, 2018 circular, RBI had issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time. In view of the enactment of the Insolvency and Bankruptcy Code, 2016, the Reserve Bank decided to substitute the existing guidelines with a harmonised and simplified generic framework for resolution of stressed assets. The circular stipulates a one-day default rule on term loans. A borrower missing repayment even for a day will be treated as a defaulter; banks need to finalise a resolution plan for defaults of over Rs 2,000 crore within the next 180 days, failing which the insolvency process will be initiated. Defending its February 12 circular, the RBI on Thursday brought to the Supreme Court\u2019s notice that none of the petitioners (corporate defaulters) from a variety of industries like power, shipping and sugar could come up with any resolution plan that could be considered by banks. \u201cIt is apparent that they don\u2019t have any resolution plans,\u201d the RBI said, referring to the leeway that was available to the firms under the court\u2019s September 2018 order asking the lenders not to act till further orders. \u201cAs the matter is sub-judice and the Supreme Court has reserved its orders on the matter, the RBI will not comment on the specific details,\u201d said the banking regulator, in a clarification to certain reports.