RBI withdraws CDR, SDR, S4A, JLF schemes to restructure defaulted loans

Central bank has also projected inflation to be in the range

"Banks will face penalties in case of failure to comply with the guidelines", the RBI notification said. Banks need to make appropriate disclosures in their financial statements, under "Notes on Accounts", relating to resolution plans implemented The move is positive for the banking sector in the long run; however, in the short term, it is likely to impact earnings of banks which are already strained.

For loans that are larger than Rs 2,000 crore, the resolution plan needs to be completed within 180 days. This is part of a revised framework on resolving stressed accounts, put up late on Monday night on the RBI website. Under the new norms, if a resolution plan is not implemented within 180 days, the account must be referred to the Insolvency and Bankruptcy Code.

The Reserve Bank of India (RBI) has issued a notice cautioning people about the fake websites created with a layout similar to the original website of the central bank.

The RBI has issued a notification to lenders and has asked them to share the list of defaulters with the central bank's database on large exposures on every Friday. "All accounts, including such accounts where any of the schemes have been invoked but not yet implemented, shall be governed by the revised framework", RBI said.

This specified period means the period from the date of implementation of RP up to the date by which at least 20% of the outstanding principal debt as per the RP, and interest capitalisation sanctioned as part of the restructuring, if any, is repaid.

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"The resolution plan (RP) may involve any actions/plans/reorganisation including, but not limited to, regularisation of the account by payment of all over dues by the borrower entity, sale of the exposures to other entities/investors, change in ownership, or restructuring", the RBI said, while mandating that the resolution plan should be clearly documented by all the lenders. "The revised norms are a more transparent system for resolution", he said.

India Ratings believes PSBs' capital consumption to remain high, given that profit and loss accounts (P&L) for most of banks (especially mid-size PSBs) would remain under pressure due to accelerated provisioning requirement on the accounts identified by the regulator for reference to the National Company Law Tribunal under the Insolvency and Bankruptcy Code in FY18.

"Accordingly, the Joint Lenders' Forum (JLF) as an institutional mechanism for resolution of stressed accounts also stands discontinued". Public sector banks had gross non performing assets (NPA) Rs 7,33,974 crore as of September 30, 2017, while private sector banks were burdened by Rs 1,02,808 crore bad loans. "The CRILC-Main Report will now be required to be submitted on a monthly basis effective April 1, 2018", it said.

"It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.org by some unknown person (s)".


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