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Mumbai, July 16 (IANS) The Reserve Bank of India (RBI) has issued final prudential norms for banks, small finance banks (SFBs) and non-banking financial companies (NBFCs), barring them from selling specified non-financial assets (SNFAs) acquired during the resolution of stressed loans back to the defaulting borrower or its related parties.

The amendments have been issued under the RBI’s Resolution of Stressed Assets Directions 2026 for commercial banks, small finance banks and NBFCs.

The new norms will come into effect from October 1, 2026.

The RBI said, “A SNFA shall not be sold back to the borrower or its related parties. Related parties shall have the same meaning as defined in the Insolvency and Bankruptcy Code, 2016.”

SNFAs can be acquired only in the exceptional case where the lender’s exposure to a borrower has been classified as a non-performing asset, the directions said.

Under the amended directions, an SNFA refers to an immovable asset acquired by a lender in full or partial satisfaction of its claims on a borrower.

Related parties will have the same meaning as defined under the Insolvency and Bankruptcy Code, 2016.

The restriction will continue even if the asset later ceases to be classified as an SNFA.

The RBI said lenders generally do not transact in immovable assets as part of their core business, except when such assets are acquired in satisfaction of claims on borrowers.

The new norms provide clarity on the prudential treatment of such assets.

Banks and NBFCs will have to dispose of “specified non-financial assets” (SNFAs), including non-banking assets (NBAs), within a maximum period of seven years acquired from a borrower, whose account has been classified as non-performing asset (NPA).

The directions also said that post-acquisition, SNFA shall be revalued at least once every two years on distress sale basis, duly factoring in the reasons for failure to dispose of the asset earlier.

Valuation gains, if any, shall be ignored and any diminution in value shall be recognised in profit and loss statement immediately.

The acquisition may take place against full or partial extinguishment of the outstanding loan on a non-recourse basis.

In cases of partial extinguishment, the remaining exposure will be treated as a restructured loan and attract the applicable prudential norms.

The RBI has also directed banks, SFBs and NBFCs to frame board-approved policies covering acquisition and disposal of SNFAs. These policies should specify limits on such assets as a share of total assets, eligibility criteria, delegation of powers, recovery efforts before acquisition and a maximum disposal period of seven years.

The regulator said SNFAs must be recorded in the balance sheet at the lower of the net book value of the extinguished exposure or the distress sale value determined by at least two independent external valuers.

Lenders have also been asked to make all efforts to dispose of these assets through public auctions following the principles laid down under the SARFAESI Act, 2002.

The RBI said that legacy SNFAs outstanding as on September 30, 2026, must comply with the new norms by September 30, 2027.

The directions also lay down separate disclosure requirements for these assets.

SNFAs will not form part of Gross NPA, Net NPA, stressed exposures or provisioning coverage ratio and will instead be disclosed under relevant accounting heads in the balance sheets of banks, small finance banks and NBFCs.

These could be categorised as ‘non-banking assets acquired in satisfaction of claims’ or ‘Specified Non-Financial Assets’ or ‘Other Assets’, in accordance to the applicable regulations and accounting standards.

–IANS

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New Delhi, March 24 (IANS) Prime Minister Narendra Modi on Tuesday extended greetings to the countrymen on the sixth day of Chaitra Navratri, which is dedicated to Goddess Katyayani.

In a post on X, PM Modi said, “I bow to Maa Katyayani! May the grace of the Goddess — the presiding deity of divinity and valour — infuse all her devotees with immense strength and self-confidence.”

“Worship of Mother Jagadamba fills the mind with infinite energy and inner strength. The divine radiance of Goddess Mother illuminates the heart with divine consciousness,” he said, sharing a devotional song ‘Sri Durga Devi’ by Srilalitha.

Uttar Pradesh Chief Minister Yogi Adityanath also took to social media and wished everyone on the auspicious occasion.

“The sixth manifestation of the Universal Mother, Goddess Durga — Mother Katyayani — is the remover of her devotees’ fears, ailments, and sorrows,” the Uttar Pradesh CM said in a post on X.

“It is my prayer that, through the grace of Mother Bhagavati, the entire world may be blessed with well-being, and that peace, strength, and harmony may reside within every heart,” he added.

Delhi Chief Minister Rekha Gupta, taking to X, said, “This auspicious occasion of venerating Maa Katyayani falls on the sixth day of the worship of Shakti. This form of Mahishasura Mardini symbolises the destruction of unrighteousness and the establishment of righteousness.”

“The resplendent form of the Mother inspires us to stand firm against injustice and to remain resolute in our commitment to the victory of truth. May the blessings of Maa Katyayani bring success and glory into the lives of all residents of Delhi,” she added.

Goddess Katyayani, a fierce aspect of Mahadevi, is revered as the slayer of the demon Mahishasura. She is the sixth among the Navadurgas, the nine forms of Goddess Durga worshipped during Navratri.

According to the Amarakosha, the Sanskrit lexicon, Katyayani is the second name of Goddess Adi Parashakti.

She is depicted with three eyes and four hands, holding a sword and a lotus in her left hand while her right hands are in ‘varada mudra’ (granting boons) and ‘abhaya mudra’ (offering protection). She rides a lion, with a crescent moon adorning her forehead.

Navratri, which means ‘nine nights’ in Sanskrit, is a Hindu festival celebrating Goddess Durga and her nine avatars, known collectively as Navdurga.

The festival is celebrated with great devotion across India, with rituals and prayers honouring the Goddess in her nine forms.

–IANS

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New Delhi, Nov 4 (IANS) The Centre has introduced a major change to the ‘Agnipath’ scheme by announcing a second two-year service term option for Agniveers after they complete their initial four years of service.

The Union Cabinet decision was announced by the Chief of Defence Staff (CDS), General N.S. Raja Subramani during a press conference on Wednesday.

He said that while 25 percent of Agniveers will be inducted into the Indian Armed Forces as regular soldiers, the remaining 75 per cent will be given the opportunity to serve for an additional two years and will then be given an opportunity to serve as regular soldiers in the Army, provided that they are willing and meet the required criteria.

“75 per cent of Agniveers will be offered a second engagement period of two years. After completing those two years, all Agniveers will be given an opportunity to become regular soldiers in the Indian Armed Forces. There are two conditions: they must be willing to join, and they must meet the prescribed selection criteria,” the CDS said.

This decision will allow those Agniveers who are not selected as regular soldiers after completing four years of service to continue serving in the armed forces. After the additional two-year period, there will also be a provision for their regularisation in the military.

Notably, the first batch of Agniveers is completing its service this month.

General Subramani stated that under the existing system, up to 25 per cent of Agniveers completing four years of service are to be inducted as regular soldiers. The remaining 75 per cent will now have the option of a second two-year service term, enabling them to continue serving for an additional period.

After completing the second service term, their performance will be reviewed. Their efficiency, achievements during service, and organisational requirements will be assessed. Agniveers who demonstrate positive performance and meet the prescribed standards may be considered for regular service in the future.

The CDS clarified that, along with the willingness of the Agniveers, the Armed Forces’ operational and organisational requirements would also be taken into account. Objective criteria will be followed for selection. Agniveers’ performance is evaluated periodically during their service, he added.

This evaluation includes factors such as physical fitness, motivation, morale, discipline, and technical proficiency. The purpose of the second service term is to provide Agniveers with more opportunities to enhance their skills and experience. It will also help the armed forces retain trained and experienced manpower. During the second service period, Agniveers will receive higher pay and an increased service fund benefit, giving them better financial returns for the additional two years of service.

General Subramani further said that the second service term would allow the armed forces to benefit from the experience of Agniveers for a longer period. During their initial four years, Agniveers gain military training, discipline, and experience in various responsibilities. The additional two years will help further strengthen this experience.

The new arrangement aims to strike a balance between organisational requirements, operational effectiveness, and the performance of Agniveers. The government’s decision is being viewed as a significant step toward providing Agniveers with an additional opportunity for longer service in the armed forces.

–IANS

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