In 2023, the RBI issued a DP on provisioning per the ECL approach, which was largely acknowledged as a paradigm shift in how banks in India were required to provide financial assets like loans and investments. In response to comments received from stakeholders, the RBI issued a press release on 04 October 2023 and announced the constitution of a working group for independent inputs on technical aspects of ECL. While the final directions on ECL-based provisioning are awaited, the RBI issued final directions on the Classification, Valuation, and Operations of Investments on 12 September 2023. The issuance of revised directions on the classification, valuation, and operations of investments marks a significant shift in the financial reporting requirements of banking entities.