Important circular of RBI on Asset classification of advances after expiry of covid regulatory package

RBI

Important circular of RBI on Asset classification of advances after expiry of covid regulatory package1. In respect of accounts which were granted moratorium in terms of the Covid19 Regulatory Package, the asset classification for the period from March 1, 2020 to August 31, 2020 shall be governed in terms of the circular DOR.No.BP.BC.63/21.04.048/2019-20 dated April 17, 2020, read with circular DOR.No.BP.BC.71/21.04.048/2019-20 dated May 23, 2020. For the period
commencing September 1, 2020, asset classification for all such accounts shall
be as per the applicable IRAC Norms.2. In respect of accounts which were not granted any moratorium in terms of the
Covid19 Regulatory Package, asset classification shall be as per the criteria laid out in the Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015 or other relevant instructions as applicable to the specific category of lending institutions (IRAC Norms).

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