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Income recognition and asset classification norms for banks

Income recognition and asset classification norms for banks 20/07/2019 – Posted in: Daily News – Tags: Central Repository of Information on Large Credits (CRILC), Non-Performing Asset

INCOME RECOGNITION AND ASSET CLASSIFICATION NORMS

For: Preliminary & Mains

Topics covered: Income recognition and asset classification norms for banks, Central Repository of Information on Large Credits (CRILC), Non-performing Assets

News Flash

The Reserve Bank of India has imposed a monetary penalty on the State Bank of India.

The penalty imposed for non-compliance with the directions issued by RBI on

(i) Income Recognition and Asset Classification (IRAC) norms

(ii) Code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC)

(iii) Fraud risk management and classification and reporting of frauds.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act).

Income Recognition and Asset Classification Norms

IRAC are rules that prescribe when a loan should be declared as a non-performing asset (NPA).
Once a loan is an NPA, the RBI requires that any recovery should not be classified as income.
Banks are also required to share information regarding large borrowers with the RBI for its Central Repository of Information on Large Credits (CRILC).

Background

In line with the international practices and as per the recommendations made by the Narasimham Committee on the Financial System, the Reserve Bank of India has introduced,

prudential norms for income recognition,
asset classification and provisioning for the advances portfolio of the banks

to move towards greater consistency and transparency in the published accounts.

The policy of income recognition should be objective and based on the record of recovery rather than on any subjective considerations.

Non-Performing Asset

As an asset including a leased asset becomes non-performing when it ceases to generate income for the Bank.
A non-performing asset is a loan/or an advance.

Central Repository of Information on Large Credits (CRILC)

The RBI has set up a CRILC to collect, store, and disseminate credit data to lenders.
CRILC is a borrower-level supervisory dataset that keeps the record of loans of Rs 5 crore and above.
In India, there are four privately owned credit information companies (CICs).
They are CIBIL, Equifax, Experian, and High Mark Credit Information Services.
The RBI has also mandated all its regulated entities to submit credit information individually to all four CICs.

Source: BS

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