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Higher pro forma gross NPAs indicate rising stress Surabhi Surabhi | Updated on Analysts, however, say that the pain is far less than initially expected for banks, NBFCs The third quarter results of banks and non-banking financial companies (NBFCs) are indicating a rising stress in their balance-sheets, but analysts say the pain is far lower than anticipated. Over the past month, almost all private sector banks, housing finance companies and NBFCs as well as a few public sector lenders have reported performances for the quarter ended December 31, 2020 with higher pro forma gross non-performing assets compared to the reported gross NPAs. Pro forma NPA includes non-performing assets created in 2020 when the RBI allowed banks to standstill recognition of fresh stressed assets. Back-of-the-envelope calculation reveals that Covid-led restructuring of loans amounted to at least ₹60,000 crore as on December 31, 2020. ....