RBI announces norms on non-performing loans

The Reserve Bank of India today said it will allow banks to extend the restructuring period for non-performing loans to 120 days, from 90 days.

The Reserve Bank of India (RBI) on Friday said it will allow banks to extend the restructuring period for non-performing loans to 120 days, from 90 days.

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The new period is valid for accounts restructured on or before Jan. 31, 2009, the central bank said in a statement.

To read the guidelines, double-click on www.rbi.org.in.