The Reserve Bank of India vide circular dated 15 February, 2022 has issued clarification on prior circular on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances for financial institutions. Loan accounts classified as NPAs may be upgraded as ‘standard’ asset only if entire arrears of interest and principal are paid by the borrower. NBFCs shall have time till September 30, 2022 to put in place the necessary systems to implement this provision.
New Quality Control Amendments for Insulated Flasks, Bottles, and Containers: What You Need to Know
This amendment, known as the Insulated Flask, Bottles and Containers for Domestic Use (Quality Control) Amendment Order, 2024. It introduces changes that are crucial for