Financial Daily from THE HINDU group of publications
Tuesday, Apr 23, 2002
Financial Daily from THE HINDU group of publications Tuesday, Apr 23, 2002 |
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NBFCs Money & Banking - NBFCs NPA classification norms for NBFCs changed Our Bureau
MUMBAI, April 22 THE Reserve Bank of India has made norms for NPA classification for non-banking finance companies (NBFCs) at par with banks from March 31, 2003. The banking regulator said the current past-due (currently 30 days) concept for identifying NPAs would be abolished from March 31, 2003, and said loan assets would become non-performing if interest instalment remains overdue for six months. A lease or hire purchase asset would become NPA if the lease rental or hire purchase instalment remains overdue for 12 months. Provisioning requirements as applicable to loans, advances and other credit facilities would be applicable to such loans too, the RBI said. Banks follow the six-month norm for NPA classification. The past-due concept was abolished for banks from March 31, 2001.
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