The Reserve Bank of India (RBI), in a filing to the Supreme Court, warned that failure to immediately lift an interim stay on banks classifying any loan as a non-performing asset (NPA) would also undermine the central bank’s regulatory mandate.
MUMBAI: India’s central bank has appealed to the country’s top court to let banks classify loans as non-performing, saying a ban imposed to help borrowers in the Covid-19 pandemic could greatly harm the nation’s financial system.
The Reserve Bank of India (RBI), in a filing to the Supreme Court, warned that failure to immediately lift an interim stay on banks classifying any loan as a non-performing asset (NPA) would also undermine the central bank’s regulatory mandate.
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