A banker has often been described as a person who offers an umbrella when the weather is fine and takes it back at the first sign of rains. These fair-weather friends have done it again.
At a time when corporate India is reeling through multiple crisis and desperately needs as much rope as it can get, the central banker has decided that this is the time to tighten provisioning norms and make debt restructuring difficult.
RBI has said that loans recast after April 1, 2015 should be classified as non-performing asset (NPA) and provisioning norms for fresh standard restructured advances would be increased to five per cent from 2.75 per cent, for the interim period from June 1, 2013.
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