Ex-MP Ravindra seeks relaxation in NPA Classification Norms
AP Chapter of Nafcub writes letter to RBI
Chitturi Ravindra (Ex-MP), Chairman of Andhra Pradesh State Cooperative Urban Banks and Credit Societies Federation has written a letter to the Executive Director of Reserve Bank of India requesting a temporary relaxation in NPA Classification Norms.
The letter has been addressed on behalf of Urban Cooperative Banks of Andhra Pradesh. “We request you to allow temporary reprieve to UCBs, and permit classification of NPAs on the basis of 180 days norm instead of the present 90 days norm, demands the ex-MP.
The letter further reads, “RBI and Government of India have taken several measures to kick start the economy. Most of these measures were in the form of offering financial stimulus to borrowers in the form of restructuring of loans, rescheduling of payments, conversion of interest accrued into another credit facility, granting of moratorium etc. These have been beneficial to