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Last Updated : Sep 12, 2019 01:51 PM IST | Source: CNBC-TV18

RBI creates database for stressed loans of NBFCs: Report

NBFCs, including housing finance companies (HFCs), came under stress following a series of defaults by the group companies of IL&FS in September last year.

CNBC TV18 @moneycontrolcom

The Reserve Bank of India (RBI) has built a database of stressed non-banking finance company (NBFC) loans, similar to the Central Repository of Information on Large Credits (CRILC) that it has built for banks in 2014, sources privy to the developments told CNBC-TV18.

According to multiple people familiar with the development, the central bank has directed the NBFCs to inform the RBI database about SMA 1 and SMA 2 loans since last year.

SMA 1 refers to those loan accounts in which the instalment or interest is overdue for 1 month from 31st day to 60 days. SMA 2 refers to accounts in which the instalment or interest is overdue for 2 months from 61st days to 90 days.

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For the past year or so, the data given by the NBFCs to the central bank is methodically arranged, plus the RBI has other data too, sources in the know told CNBC-TV18.

NBFCs, including housing finance companies (HFCs), came under stress following a series of defaults by the group companies of IL&FS in September last year.

Source: CNBC-TV18

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First Published on Sep 12, 2019 01:35 pm

tags #Economy #RBI

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