RBI extends timelines for NBFCs till Sep 30, 2022, to comply with new prudential norms
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- Last Updated on 17 February, 2022
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Circular No. RBI/2021-2022/158 DOR.STR.REC.85/21.04.048/2021-22 dated 15/02/2022
The RBI has extended the timeline till Sep 30, 2022, for NBFCs to follow new prudential norms. Earlier, RBI had allowed time till December 31, 2021, to implement all stricter prudential norms. RBI further clarified that loan accounts classified as NPAs may be upgraded as ‘standard’ assets only if entire arrears of interest and principal are paid by the borrower. NBFCs shall have time till September 30, 2022, to put in place the necessary systems to implement this provision
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