In November 2021, RBI issued a circular that covers prudential norms on Income Recognition, Asset Classification, and Provisioning (IRACP). It came in as a clarification to banks, Non-Banking Financial Institutions (NBFCs), and All-India Financial Institutions about treating and reporting their Non-Performing Assets (NPAs). The circular also mandates the need to classify and harmonize Special Mention Account (SMA) and Non-Performing Assets (NPAs) on a day-end position basis.
This white paper covers the 6 immediate action points put forth by RBI and the 4 key themes that emerge out of it.
Open banking is progressively making its way into financial ecosystems across the world. And the MENA region is no exception. With the tide of fintech and open banking regulations rapidly evolving in the region, there is a global push toward an open finance framework.