RBI extends timeline by six months for NBFCs to adhere new NPA recognition norms
Sakshi Education
- The Reserve Bank of India extended the timeline by six months for Non-Banking Financial Companies to adhere to the new NPA recognition norms.
- Earlier the regulator had set March 31 deadline for non-bank lenders to upgrade NPAs only after all arrears and principal dues are paid.
- It said that NBFCs will have time till September 30 to put in place the necessary systems to implement this provision.
- The RBI also clarified that loans classified as NPA will be upgraded to standard category only if all dues are paid.
Published date : 18 Feb 2022 03:49PM