.......The new norms do show some consideration for the impact of extraneous factors on a borrower's ability to service his debt. For infrastructure projects as well as for other investments, delays resulting from lack of clearances and other policy and administrative bottlenecks can be taken as mitigating factors by banks, thus exempting these exposures from parity with NPAs. This is not necessarily consistent with best practice, but it simply accommodates the legacy of banks having lent heavily to infrastructure projects a few years ago, when these sectors boomed and other sources of long-term finance were not in place. Importantly,..........
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