TMI BlogRules on Loan RecastsX X X X Extracts X X X X X X X X Extracts X X X X ..... Rules on Loan Recasts - News and Press Release Dated:- 29-11-2012 - News - Press Information Bureau Government of India Ministry of Finance 29-November-2012 17:44 IST After the Second Quarter Review of Monetary Policy 2011-12 by the Reserve Bank of India (RBI), a Working Group (WG) was constituted under the Chairmanship of Shri B. Mahapatra, Executive Director, RBI to review the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... existing prudential guidelines on restructuring of advances by banks/financial institutions and suggest revisions taking into account the best international practices and accounting standards. The Working Group had representation from a few select banks. Further, the report of the Working Group was placed on the website of the Reserve Bank for comments of all stakeholders including banks. Give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the larger objectives of financial stability and keeping in view international best practices to ensure that banks have sufficient provisioning buffer, RBI has announced, in its second review of Monetary Policy, to raise the provision for restructured standard accounts from the existing 2 percent to 2.75 per cent. To address the issue of rise in NPAs and restructured advances of banks and with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a view to improving effective information sharing among banks on credit, derivatives and unhedged foreign currency exposures, banks are advised to put in place, by end-December 2012, an effective mechanism for information sharing. Any sanction of fresh loans/ad-hoc loans/renewal of loans to new or existing borrowers with effect from January 1, 2013 should be made only after obtaining/sharing nece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssary information. Banks have been advised that non adherence to these instructions would be viewed seriously by RBI and banks would be liable to action including imposition of penalty wherever considered appropriate. The compliance to the above regulatory and supervisory measures are aimed at reducing growth in NPAs and restructured advances by banks are being closely monitored by the RBI on an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ongoing basis. This was stated by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today. * * * DSM/RS/bs - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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