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RBI/2021-2022/158 DOR.STR.REC.85/21.04.048/2021-22 February 15, 2022 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) excluding Payments Banks All Primary (Urban) Co-operative Banks/State Co-operative Banks/District Central Co-operative Banks All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) All Non-Banking Financial Companies (including Housing Finance Companies) Madam/Dear Sir, Prudential norms on Income Recogniti
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FAQ :
The circular provides clarifications on the prudential norms for income recognition, asset classification, and provisioning pertaining to advances, following queries received.
The clarified definition of 'out of order' applies to all loan products offered as an overdraft facility, including those not for business purposes or where interest is the only credit.
The 'previous 90 days period' for determining the 'out of order' status of a CC/OD account includes the day for which the day-end process is being run.
Loan accounts classified as NPAs can only be upgraded to a 'standard' asset category upon the repayment of the entire arrears of interest and principal across all credit facilities from the lending institution.
No, the circular does not make any changes to the requirements for reporting information to CRILC; these will continue to be governed by extant instructions.
NBFCs have until September 30, 2022, to put in place the necessary systems to implement the provision regarding the upgrade of loan accounts classified as NPAs.
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