The Reserve Bank of India (RBI) released “Prudential Norms on Income Recognition, Asset Classification, and Provisioning pertaining to Advances – Clarifications” on November 12, 2021 to be read in conjunction with Master Circular on Prudential Norms on Income Recognition, Asset ;Classification and Provisioning pertaining to Advances dated October 1, 2021.
For detailed understanding, please refer the RBI Circular : As per the latest RBI's guidelines regarding classification of accounts w.ef. Nov 12, 2021, loan accounts will be flagged as Special Mention Account (SMA)/ Non-Performing Asset (NPA) on a daily basis instead of month-end. You are requested to pay your dues on or before the due date to avoid classification as SMA/NPA/impact on credit score.
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