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RBI-Review of Guidelines on Restructuring of Advances by NBFCs
January, 24th 2014

RBI/2013-14/459
DNBS.CO. PD. No. 367/03.10.01/2013-14

January 23, 2014

All NBFCs excluding Primary Dealers

Dear Sirs,

Review of Guidelines on Restructuring of Advances by NBFCs

As indicated in paragraph 42 of the Second Quarter Review of Monetary Policy 2013-14 announced on October 29, 2013, the extant instructions on restructuring of advances by NBFCs have been reviewed on the lines of the recommendations of the Reserve Bank’s Working Group (Chairman: Shri B. Mahapatra) to review prudential guidelines on restructuring of advances by banks and financial institutions and also relevant guidelines issued to banks in this regard.

2. NBFCs being part of the financial institutions that lend to various sectors, also undertake restructuring of advances, either as part of a consortium or otherwise. It has therefore been decided to harmonise the guidelines on restructuring of advances with that of banks. All NBFCs other than primary dealers shall hereafter follow the Directions in the notification enclosed.

3. The major provisions of the Directions include the relaxation, that mere extension of Date of Commencement of Commercial Operations (DCCO) up to a specified period, will not tantamount to restructuring for infra, non-infra and CRE projects. Special asset classification benefit will be made available to CDR and consortium cases including SME debt restructuring mechanism, apart from infrastructure and non-infrastructure project loans subject to certain conditions. The special asset classification benefit will however be withdrawn with effect from April 1, 2015 with the exception of provisions related to changes in DCCO in respect of infrastructure as well as non-infrastructure project loans.

Yours faithfully,

(N. S. Vishwanathan)
Principal Chief General Manager

 
 
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