RBI asks lenders to disclose loans given to IL&FS group companies
New Delhi: The Reserve Bank of India (RBI) for the first time has asked lenders to disclose loans given to a particular borrower. The banking sector regulator Wednesday directed lenders to disclose their exposure to the bankrupt infra lender IL&FS in their forthcoming earnings announcements, a move which will force lenders to make provision out of their earnings as there is a strong likelihood of losing some of their money.
It may be noted that normally the RBI does not ask banks to publicise details of loans to specific borrowers. But in the IL&FS case, the RBI has deviated by asking banks to disclose in their notes to accounts their exposure to the group and provisions towards it. This was after the National Company Law Tribunal (NCLT) directed banks not to classify loans to IL&FS as non-performing.
The RBI had petitioned the court to ensure that banks recognise the stress in these loans and make provisions towards the same. A court decision is likely only after most banks publish their results for FY19.
Lenders will have to mention the outstanding position on a particular date and give details including overall outstanding and amount which is NPA as per the income recognition and asset classification norms but not classified as NPAs, the apex lender said.
Banks will also have to specify the total provisions which are required to be made as per these norms for the assets and the provisions actually held.
Except for a few private sector lenders, most of the banks are yet to report their quarterly and full-year accounts for FY19. Many banks have hinted that exposures to IL&FS have impacted their profits in the past quarter as they made provisions towards this account.
Group entity IL&FS Financial Services had reported last month that its NPAs touched 90 per cent.
Media reports on RBI’s decision to challenge the NCLAT order had said the insolvency court’s decision was “tantamount to judicial overreach”. “The bankruptcy tribunal’s order encroaches into RBI’s regulatory domain and this could set a precedent if left unchallenged. These issues fall under the ambit of RBI as the regulator of the banking sector,” a senior RBI official had said.
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