The Hindu Business Line : RBI extends NPA window

FOLLOWING repeated requests, the RBI on Friday extended the one-time NPA settlement window for the public sector banks. The apex bank has stated that State-run banks can accept applications for settlement of chronic NPAs up to July 31.

The last date for processing of these applications would be October 31, said the RBI in a press release.

Earlier the regulator had set April 30, 2003 as the last date for the acceptance of applications and December 31, 2003 as the final date for processing them, which has now been extended.

The scheme, which enables settlement of NPAs up to Rs 10 crore, has received a mixed response from the industry but certainly provides a faster route for the recovery process.

It can even process applications of cases in which the courts, debt recovery tribunal or the Board of Industrial and Financial Reconstruction have been involved since it provides a faster route.

Said a senior banker in a State-run bank, "Since the scheme lays down a thumb rule for us to follow, banks need not fear the scrutiny of the Central Vigilance Commission or the Central Bureau of Investigation.

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