The International Financial Services Centre Authority (IFSCA) on December 30, 2020 has issued a press release for permitting the banks to transfer assets through participation agreements. Banking Units (BUs) are allowed to transfer assets to/from other financial institutions, persons resident in India and persons resident outside India through any internationally recognised standard risk participation agreement. One of the common standard risk participation agreement is the MRPA (Master Risk Participation Agreement) developed by the Bankers Association for Finance and Trade (BAFT).