Open Banking, the Future of Fintech in MENA
Open banking is progressively making its way into financial ecosystems across the world. And the MENA region is no exception.
2023-01-04
Impact of RBI IRACP circular on NBFCs
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In November 2021, RBI issued a circular that covers prudential norms on Income Recognition, Asset Classification, and Provisioning (IRACP). It came in as a clarification to banks, Non-Banking Financial Institutions (NBFCs), and All-India Financial Institutions about treating and reporting their Non-Performing Assets (NPAs). The circular also mandates the need to classify and harmonize Special Mention Account (SMA) and Non-Performing Assets (NPAs) on a day-end position basis.
This white paper covers the 6 immediate action points put forth by RBI and the 4 key themes that emerge out of it.
Key Takeaways
- 1. RBI IRACP – 2021
- 2. Impact on NPAs
- 3. Industry leader survey
- 4. Strategies to manage the change
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Impact of RBI IRACP circular on NBFCs
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