The Reserve Bank of India (RBI) on Monday eased norms pertaining to settlement of dues between asset reconstruction companies (ARCs) and borrowers, making such rules almost in line with banks and non-banking financial companies (NBFCs). Now, dues above Rs 1 crore can be settled based on board approved policy and a committee of the board can take the decision. Earlier, such settlements needed the board’s approval. The revised norms mandated that the committee should be chaired by an independent director and have a minimum two independent directors, including the chair.