The Reserve Bank of India (RBI) on Tuesday extended the implementation of asset classification and provisioning norms for non-banking finance company-micro finance institutions (NBFC-MFIs) by one year to April 1, 2013.
A new category of NBFC, namely NBFC-MFIs, was introduced by the RBI on December 2, 2011.
The RBI had also issued guidelines on asset classification and provisioning norms to be adhered to by the MFIs with effect from April 1, 2012.
Other regulations
“Taking into account the difficulties faced by the MFI sector and the representation received by the RBI from them, it has been decided to defer the implementation of asset classification and provisioning norms for NBFC-MFIs to April 1, 2013,” RBI said in a notification.
NBFC-MFIs are, however, required to comply with other regulations laid down on December 2, 2011.
