The Reserve Bank of India has issued a circular admonishing banks for not following the norms on loans to government-linked entities after an extensive supervisory study showed lapses in monitoring, provisioning and risk assessment in these cases, a banking industry source told Informist.
"There were just too many instances detected by the RBI during a special supervisory study undertaken to assess whether banks adhere to basic lending norms such as the end-use of funds when dealing with government-owned entities," the source said.
In the sharply-worded notification on Tuesday, the RBI said that banks have not complied with its instructions on the assessment of commercial viability, debt servicing ability, and monitoring of end-use of funds.
It specifically noted the failure to adhere to such norms for financing infrastructure or housing projects of government-owned entities.
There have been instances where banks have failed to monitor the usage of funds. Further, following a regime change, the loans are not honoured or there are issues with recovery, the source said.
&nbsp;

'RBI study shows lapses in bank loans to govt cos'

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.