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Complete automation of NPA recognition by June 30, 2021: RBI
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SME Times News Bureau | 15 Sep, 2020
The Reserve Bank of India (RBI) on Monday directed banks to complete the
automation of bad loan recognition and asset classification by June 30,
2021.
In a notification, the RBI said that the processes for NPA
identification, income recognition, provisioning and generation of
related returns in many banks are not yet fully automated.
"Banks
are still found to be resorting to manual identification of NPA and
also over-riding the system generated asset classification by manual
intervention in a routine manner," it said.
"In order to ensure
the completeness and integrity of the automated Asset Classification
(classification of advances/investments as NPA/NPI and their
upgradation), Provisioning calculation and Income Recognition processes,
banks are advised to put in place/upgrade their systems to conform to
the following guidelines latest by June 30, 2021," the notification
said.
As per the guidelines, all borrowal accounts, including
temporary overdrafts, irrespective of size, sector or types of limits,
shall be covered in the automated IT based system (system) for asset
classification, upgradation, and provisioning processes. Bank
investments shall also be covered under the system.
Further, asset classification rules shall be configured in the system, in compliance with the regulatory stipulations.
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