Banks want RBI to revise Feb 12 circular, ease asset classification norms

Banks have requested a relook on its February 12 circular that makes a firm a defaulter as soon as it misses a payment within the due date

Bankers want the Reserve Bank of India (RBI) to ease some of the tight norms for asset classification, and have requested a relook on its February 12 circular that makes a firm a defaulter as soon as it misses a payment within the due date. 

The Indian Banks’ Association (IBA) has sent two letters to the new RBI Governor Shaktikanta Das — one elaborating banking sectors’ demands in the new year, and another specifically seeking relaxation on the IL&FS debt of about Rs 60,000 crore, according to sources. 

“Our demands are essentially same as every year. But this year, we have asked