With the Supreme Court quashing Reserve Bank of India's February 12 circular on the revised framework for resolution of stressed assets, the central bank on Thursday said it will take necessary steps, including issuance of a revised circular for expeditious and effective resolution of stressed assets.

Governor Shaktikanta Das emphasised that RBI stands committed to maintain and enhance the momentum of resolution of stressed assets and adherence to credit discipline.

Referring to the SC judgment, Das said "The court has held that RBI’s directions under Section 35AA of the Banking Regulation Act, 1949 “which are in respect of debtors generally” would be ultra vires of that section.”

“Thus, the order of the Supreme Court mandates RBI to exercise its powers under Section 35AA “in respect of specific defaults by specific debtors”. The powers of RBI under Section 35AA and other sections of the Banking Regulation Act, 1949 are, therefore, not under doubt," he said.