In April, the Reserve Bank of India (RBI) came out with the norms for appointment of Statutory Central Auditors (SCAs) and Statutory Auditors (SAs) of commercial banks, Urban Co-operative Banks (UCBs) and Non-banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs).
More COVID-hit businesses may need loan restructuring: Banks to RBI
Even though the central bank had permitted lenders to recast loans for borrowers earlier this month, the facility was limited to loans of up to Rs 25 crore
BusinessToday.In | May 20, 2021 | Updated 13:06 IST
RBI Governor Shaktikanta Das held a virtual meeting with the CEOs of public sector banks (PSBs) on Wednesday
Banks have told the Reserve Bank of India (RBI) that the protracted curbs because of the second wave of the COVID-19 pandemic have resulted in significant stress on businesses and that such companies may need a restructuring of loans.
Even though the central bank had permitted lenders to recast loans for borrowers earlier this month, the facility was limited to loans of up to Rs 25 crore.
Lockdown impact on NBFCs’ asset quality to be evident gradually: RBI
May 17, 2021
NBFCs continued to disburse credit despite Covid disruptions - PTI×
Incremental credit flows to the retail sector continued to increase
As Non-Banking Financial Companies (NBFCs) have continued to disburse credit despite the pandemic, the impact of the lockdown will be evident on their asset quality gradually, said an article in the RBI’s monthly bulletin.
“NBFCs continued to disburse credit despite disruptions caused by the pandemic, albeit at a slower pace,” said the article titled
‘Performance of NBFCs during the Pandemic: A Snapshot’.
Credit performance
Incremental credit flows (on year-on-year basis) to the retail sector continued to increase in the second and third quarter of 2020-21, but at a slower pace, while services sector saw marginal increase in the third quarter last fiscal, wherein vehicle loans, gold loans, transport and tourism were the beneficial segments.
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