quote from Mr. Harshil Mehta, CEO at DHFL on the RBI IRAC announcement

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“The decision of RBI to relax Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances is a timely and welcome move to help banks and NBFCs and other regulated entities to mitigate the possible delay in loan repayment realisation of small borrowers in the current scenario. It will give much needed comfort to low and middle income segment from tier 2 and tier3 towns by allowing them additional 60 days to pay their loan dues. We are hopeful that NHB will also provide similar policy guidelines for housing finance companies, which has been serving the LMI segment to enable them access to home ownership.”

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