 "UCBs to be part of CRILIC reporting framework from December 31")
Primary urban co-operative banks (UCBs) with asset size of Rs 500 crore or more will have to submit the central repository of information on large credits (CRILIC) report on a quarterly basis, said the Reserve Bank of India (RBI) on Friday. This will come into effect from December 31.
Currently, the UCBs are not a part of the CRILIC reporting framework. The RBI’s move will help strengthen offsite supervision and early recognition of financial distress.
Under the CRILIC reporting framework, lenders need to report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of Rs 5 crore and above to CRILC, maintained by the RBI.
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