Key Highlights
The Reserve Bank of India has issued a circular outlining the minimum required Net Owned Funds (NOF) for banks, which must be achieved by specific deadlines.
The circular provides a table of contents, including:
- Minimum required NOF as of October 11, 2022, March 31, 2024, and March 31, 2026
- Risk weights for on-balance sheet items
- Provisioning requirements for off-balance sheet items
- Asset categories and provisioning requirements
The circular also requires banks to provide information on secured assets possessed under the SARFAESI Act, 2002, including:
- Branch name and state
- Borrower and guarantor names (where applicable)
- Registered addresses of borrower and guarantor (where applicable)
- Outstanding amount and asset classification
- Details of security possessed, including title holder’s name
Banks must provide this information as of the end of the current and previous years.
Chat with the Master Direction:
Download: Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024