BANKS HAVE REQUESTED the Reserve Bank of India (RBI) to extend the timeline for adhering to new guidelines that prohibit overlapping lending activities between banks and their group entities. In their feedback submitted through the Indian Banks' Association (IBA), banks have sought an extension beyond the proposed two-year timeframe.
According to sources, some banks have sought a relaxation of up to five years to fully comply with the regulations.
"Bankers have expressed concerns that the two-year timeline for complying with the new guidelines is insufficient," a senior bank official said. "Each bank has submitted individual assessments to the IBA, outlining the challenges it faces in meeting this deadline," he added.
This story is from the December 23, 2024 edition of Financial Express Pune.
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This story is from the December 23, 2024 edition of Financial Express Pune.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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