NPA and Recovery Management in
Banks
Introduction:
Non-Performing
Asset means an asset or account of borrower, which has been classified by a
bank or financial institution as sub-standard, doubtful or loss asset, in
accordance with the directions or guidelines relating to asset classification
issued by Reserve Bank of India .
NPA are endemic in any organization in which borrowing and lending activities
are involved this phenomenon came into limelight during 1990’s due to
initiative of reforms in the banking sector. NPA not only adversely affect the
efficiency, profitability, liquidity and overall performance of the banking
sector but, also the economic development of the nation. This is the one of the
major problem in Indian banking sector.
The banking system runs also through good relations with public,
industrialists, entrepreneurs and farmers etc. As our Indian democratic
system political pressures also will be
their at the time of loan sanctioned and recovery of the loans.
The biggest ever
challenge that the banking industry now faces is management of NPAs. The NPAs
of Indian commercial banks are considered relatively high when compared to the
international standards. They not only adversely affect the liquidity,
efficiency, profitability, and overall performance of the banking sector but
also the economic development of the nation as well. The Narasimham Committee
on financial system (1991), recommended the introduction of international
practice of prudential norms relating to income recognition assets
classification and capital adequacy. Prudential norms like at the heart of banking sector
reforms.
Significance of NPA
An
important parameter in the analysis of financial performance of banks is the
level of non performance assets. The information on NPAs helps the commercial
banking supervisors to monitor and discipline errant banks and help the
investors to assess the true financial worth of banks. The prudential norms on
assets classification and income recognition of the RBI have to be complied by
all the commercial banks in order to present the real position of loan assets
and come closure to the international standards. As a result of several
measures taken by the RBI and Government of India, NPAs of scheduled commercial
banks have witnessed a secular decline with the initiation of norms of income
recognition and asset classification. The decline in NPAs has also been
evidenced across bank groups.
The
Narasimham Committee said that “an asset
may be treated as Non-Performing Asset (NPA), if interest or installments
of principal or both remain unpaid for a
period of more than 180 days”. However, w.e.f, March 2004, default status is
given to a borrower account if dues are not paid for a period of 90 days.
This high level
of investment of Government securities and low yields on them are making it
difficult for banks to lower the interest rates further. Higher levels of NPAs
also make it difficult to move to a lower interest regime, as banks have to
obtain higher returns on other profitable assets to compensate for the loss of
income from NPAs. Since 1992-93, there has been a sharp rise in the capital
flows into the country. The monetary authorities are reluctant to allow nominal
appreciation. Much of the net capital flows have been absorbed into foreign
exchange reserves. In managing capital
flows, sterilization has been regularly used. Sterilization involves exchange
of foreign currency assets for domestic currency assets. For this interest rate
on the latter has to be kept high to
minimize central bank losses arising out of interest differentials.
Sterilization increases public debt and also debt servicing charges. Inspite of
huge reserves, the monetary authorities are keeping on accumulating to limit
the adverse impact of sudden capital out flows in view of high level of public
debt and fragile banking system with high level of NPAs. This process
necessitates maintaining higher interest rates.
In these circumstances further reforms aiming at a rapid restructuring
of public debt and reduction of NPAs are called for along with a reorientation
of the sterilization of foreign inflows policy.
The
Reserve Bank of India for the purpose of income recognition and to facilitate
provisioning advised the banks to classify their advances/assets into four
categories by compressing then executing the classifying them in accordance to
the “Eight health code classification”.
|
Sl.N. Norms
|
1996-97
|
1997-98
|
1998-99
|
1999-00
|
2000-01
|
2001-02
|
2002-03
|
2003- 04
|
|
1.NPA interest overdue period
(number of quarters)
|
2
|
2
|
2
|
2
|
2
|
2
|
2
|
1
|
|
2. Provisioning requirements
(percent) small loans (loans less than 25,000)
|
15
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
|
Large Loans:
a).Sub-Standard Assets (%)
|
10
|
10
|
10
|
10
|
10
|
10
|
10
|
10
|
|
b). Doubtful Assets
i).Secured Portion (%)
ii).Unsecured Portion (%)
|
20to50
100
|
20to50
100
|
20to50
100
|
20to50
100
|
20to50
100
|
20to50
100
|
20to50
100
|
20to50
100
|
|
c). Loss Assets (%)
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
Table No.1: Changes in Overdue Period of Interest and Provisioning
Requirements
with Regard to NPAs
Source: Ajith, D and R.D.Bangar(1997), Banks in Financial Intermediation
:
Performance and
Issues, RBI Occasional Papers, Vol. 18 Nos. 2 &3 Special
Issue, June and September 1
Table 15, P. 333.
Table
1 shows the changes in RBI guidelines for the overdue period of interest and
provisioning requirements with regard to NPAs. The overdue period of interest,
which was fixed at four quarters in 1992-93, was reduced to two quarters by it
was reduced to 15 percent by 1996-97.
However, no change was made in the provisioning requirements against large loans,
which are 10 percent for sub-standard assets, 20 to 50 percent for secured
portion of doubtful assets, 100 percent for unsecured portion of doubtful
assets, and 100 percent for loss assets. As a major step towards tightening of
prudential norms, banks were advised in May 2002 that from the year ended March
2005, an asset would be classified as doubtful if it remained in the
sub-standard category for 12 months as against the earlier norm of 18 months.
Banks were, however, permitted to phase out the additional provisioning
consequent upon the reduction in the transition period from sub-standard to
doubtful assets from 18 months to 12 moths, over a four-year period, commencing
from the year ended March, 2005 with a minimum of 20 percent each year. In June
2004, the RBI advised banks to adopt graded higher provisioning in respect of :
(a) secured portion of NPAs included in ‘doubtful’ for more than three years
category; and (b) NPAs which have remained in ‘doubtful’ category for more than
three years as at end-March 2004.
Provisioning ranging from 60 to 100 percent over a period of three years
in a phased manner, from the end of March 2005, has been prescribed. However,
in respect of all advances classified as ‘doubtful’ for more than three years’
on or after April, 2004, the provisioning requirement has been stipulated at
100 percent. The provisioning requirement for unsecured portion of NPAs under
the above category was retained at 100 percent.
An
amount due under any credit facility is treated as ‘past due” when it has not
been paid within 30 days from the due date. Due to the improvement in the
payment and settlement systems, recovery climate, upgradation of technology in
the banking system, etc., it was decided to dispense with ‘past due’ concept,
with effect from March 31, 2001.
Accordingly, as from the date, a
non performing asset (NPA) shall be an advance where;
ü
Interest and installment of principal remain
overdue for a period of more than 180 days in respect of a Term Loan.
ü
The account remains ‘out of order’ for a period
of more than 180 days, in respect of an overdraft / cash credit (OD / CC).
ü
The bill remains overdue for a period of more
than 180 days in the case of bills purchased and discounted.
ü
Interest and installment of principal remains
overdue for two harvest seasons but for a period not exceeding two half years
in the case of an advance granted for agricultural purpose, and
ü
Any amount to be received remains overdue for a
period of more than 180 days in respect of other accounts.
With a view to
moving towards international best practices and to ensure greater transparency,
it has been decided to adopt the ‘90
days overdue’ norm for identification of NPAs, form the year ending March 31,
2004. accordingly, with effect from March 31st. 2004. a
non-performing asset shall be a loan or an advance where;
ü
Interest and installment of principal remain
overdue for a period of more than 90 days in respect of a term loan.
ü
The account remains ‘out of order’ for a period
of more than 90 days, in respect of an overdraft / cash credit (OD/ CC).
ü
The bill remains overdue for a period of more
than 90 days in the case of bills purchased and discounted.
ü
Interest and installment of principal remains
overdue for two harvest seasons but for a period not exceeding two half years
in the case of an advance granted for agricultural purpose, and
ü
Any amount to be received remains overdue for a
period of more than 90 days in respect of other accounts.
NPAs
of Schedule Commercial Banks:
Capital
adequacy and asset quality are two crucial parameters which reflect the
soundness of a financial institution. In the Indian context, both these
parameters have shown a significant improvement over the years. While the level
of non-performing assets, both in gross and net terms, has declined, the
capital adequacy ratio has improved steadily. Reflecting the combined impact of
increase in the capital position and improvement in asset quality, net NPLs to
capital ratio, which is a worst-case scenario measure, declined steadily from a
high level of 71.3 percent at end-March 1999 to 22.8 percent at end-March 2004
and further to 15.5 percent by end-March 2005. Though in post reform era,
performance of public sector banks had improved in terms of ROA and reduction
in NPA level, but they differ significantly from new private sector and foreign
bank in terms of operational issues. Organizational culture, mindset and human
resource issue etc. The overall performance of public sector banks appears
comparable with foreign and new generation private sector banks. In general,
foreign banks performed better in terms of cost, earning efficiency and in
generating business per employee. However public sector banks overtake foreign
sector banks in terms of return on asset (ROA) and net NPA as a percentage to
net advances.
Prudential
norms have been introduced to impart strength to the banking system and to
ensure safety and soundness through transparency, accountability and public
credibility. Accordingly, the commercial banks are also required to furnish
information on the provisions made for bad loans and the movement of non
performing assets in their annual reports. As per the Basel Committee
standards, the RBI introduced capital adequacy ratios in a phased manner. At
present, commercial banks are required to maintain a minimum of nine percent
Capital to Risk Asset Ratio (CRAR). As a result of the careful sequencing of
the process of reforms, the banking sector has responded well and the average
CRAR of all banks has increased to 9.23
percent as on March 31, 1994 to 12.76 percent as on March 31, 2003. This shows
that the banks have been able to build up the capital cushion over the years to
support the anticipated growth in their risk weighted assets. The introduction
of capital adequacy norms has put a restraint on the ability of banks to
increase their assets.
NPA Reduction and Development of Funds in Quality Assets:
Asset
quality reflects the soundness of financial institutions. Public sector banks
should disburse their funds in quality assets to reduce NPA level. As the risk
profile of banks lending is more diversifying, it is essential on the part of
banks to pay adequate attention to quality of lending so that credit expansion
could be on sustainable basis building upon higher profitability while ensuring
financial stability.
Devise
Effective Risk Management With Sound Internal Control System:
As
asset portfolio is diversifying, greater specialization in the technical
aspects of lending and credit valuations is necessary. Strong internal control
and supervision mechanism can play an important role in ensuring quality of
assets and reduction in NPA level. For financial stability, an efficient and
sound risk management system is a pre-requisite. With better risk assessment
capabilities, banks will be able to shed their risk averse attitude and extend
more finance to unbaked segments of agriculture, industry and services. Banks
must undertake an assessment of risk involved in retail banking segment and
apply adequate risk management techniques.
Incidence
of NPAs:
Commercial
banks are faced with the risk of default
by the borrower in the payment of either principal or interest. This risk is
termed as credit risk and the accounts where payment of interest and repayment
of principal are not forthcoming are treated as non performing assets.
Existence of non performing assets is an integral part of banking. RBI made the
first attempt at formalizing the system of approach to income recognition,
asset classification and provisioning in the year 1985 through the introduction
of the Health Code System.
The Indian
banking sector is facing a serious situation in view of high gross and net
NPAs, of Scheduled Commercial Banks
(SCBs) which are to the tune of Rs 58,300 crore, and Rs. 21,441 crore
respectively, as at end-March 2005, compared to Rs. 64,785 crore and 24,615
crore respectively as at end-March 2004. For the third consecutive year, both
gross and net NPAs have declined (Table.2), despite the switchover to the 90 day
delinquency norm w.e.f., March2004. The
decline in gross NPAs in the recent three financial years (2002-2005) is to the
extent of 3.0 percent, 5.7 percent, and 10.0 percent respectively ; and decline
in net NPAs in the recent three years is to the tune of 8.1 percent; 24.7
percent and 12.9 percent respectively. The decline in NPAs is evident across
all bank groups, though there is variation on the extent of decline between bank groups, and within each group in
different years. Details given in Table 2 are in respect of SCBs, public sector
banks (PSBs) old private sector banks, new private sector banks and foreign
banks in India .
The decline in net NPAs was sharper in 2003-04, in all categories with the
exception of foreign banks. The impact was felt in foreign banks in 2004-05. In
view of several options available to banks for dealing with NPAs, banks have
been able to recover a significant amount of NPAs. An improved industrial
climate contributed to better recovery position. The recourse to aggressive
restructuring by banks in 2004-05 also helped in reducing the level of NPAs.
The setting up of the Asset Reconstruction Corporation of India (ARCIL) has
provided a major boost to the banks’ efforts to recover their NPAs. As at
end-March 2005 for SCBs, gross NPAs as percent of gross advances, was 5.2, and
to total assets 2.6, and net NPAs as percent of net advances was 2.0, and to
total assets 0.9. The ratios have declined steadily in the recent
three financial years (2002-2005). The decline is noticed in all categories of
banks. Percentages though higher in PSBs, compared to other categories, the
decline has been steady in PSBs. This can be attributed to increased social
responsibility, shouldered by PSBs.
|
Bank group year
|
Gross advances
|
Amount
|
Percent to gross advances
|
Percent to total assets
|
Net advances
|
Amount
|
Percent in net advances
|
Percent to total assets
|
Trend of grossNPAs / Growth / decline%
|
Trend of Net NPAs Growth/ decline %)
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
|
Scheduled Commercial Banks
2002
2003
2004
2005
|
6,80,958
7,78,043
9,02,026
11,10,986
|
70,861
68,717
64,785
58,3000
|
10.4
8.8
7.2
5.2
|
4.6
4.0
3.3
2.6
|
6,45,859
7,40,473
8,62,643
10,74,044
|
35,554
32,671
24,615
21,441
|
5.5
4.4
2.9
2.0
|
2.3
1.9
1.2
0.9
|
11.2
-3.0
-5.7
-10.0
|
9.5
-8.1
-24.7
-12.9
|
|
Public Sector Banks
2002
2003
2004
2005
|
5,09,368
5,77,813
6,61,975
8,36,128
|
56,473
54,090
51,538
47,325
|
11.1
9.4
7.8
5.7
|
4.9
4.2
3.5
2.8
|
4,80,681
5,49,351
6,31,383
8,07,293
|
27,958
24,867
18,860
16,642
|
5.8
4.5
3.0
2.1
|
2.4
1.9
1.3
1.0
|
3.13
-4.2
-4.7
-8.2
|
Lowdecline
-11.1
-24.2
-11.8
|
|
Old Private Sector Banks
2002
2003
2004
2005
|
44,057
51,329
57,908
70,412
|
4,851
4,550
4,393
4,206
|
11.0
8.9
7.6
6.0
|
5.2
4.3
3.6
3.2
|
42,286
49,436
55,648
67,742
|
3,013
2,740
2,140
1,859
|
7.1
5.5
3.8
2.7
|
3.2
2.6
1.8
1.4
|
11.6
-6.2
-3.5
-4.3
|
8.7
-9.1
-21.9
-13.1
|
|
New Private Sector Banks
2002
2003
2004
2005
|
76,901
94,718
1,19,511
1,27,420
|
6,811
7,232
5,961
4,576
|
8.9
7.6
5.0
3.6
|
3.9
3.8
2.4
1.6
|
74,187
89,515
1.15,106
1,23,655
|
3,663
4,142
2,717
2,292
|
4.9
4.6
2.4
1.9
|
2.1
2.2
1.1
0.8
|
321
6.2
-17.6
-23.2
|
294
13.1
-34.4
-15.6
|
|
Foreign Banks
2002
2003
2004
2005
|
50,631
54,184
62,632
77,026
|
2,726
2,845
2,894
2,192
|
5.4
5.3
4.6
2.8
|
2.4
2.4
2.1
1.4
|
48,705
52,171
60,506
75,354
|
920
921
898
648
|
1.9
1.8
1.5
0.9
|
0.8
0.8
0.7
0.4
|
-12.12
4.4
1.7
-24.3
|
17.2
Lowdecline
-2.5
-27.8
|
Table 2: Gross
and Net NPAs of Schduled Commercial Banks- Bank Group-wise. Source: RBI (2005), Report on Trend
and Progress of Banking in India 2004-05,
Mumbai, p.90
Machinery to Tackle the Menace of NPAs / Recovery Management of NPAs:
Major
Banks devise their own strategies to tackle the menace of NPAs. Some important
machinery are detailed here.
a). Debt Recovery Tribunals( DRTs): The Recovery of Debts due to
Banks and Financial Institutions Act was passed in 1993, to provide for the
establishment of tribunals, for expeditious adjudication and recovery of debts
due to banks, and financial institutions, and for matters connected therewith
and incidental thereto. The amendments made in 2000 to the above Act and the
rules framed there under have strengthened the functioning of DRTs. On the
recommendation of RBI, Government has since set up a working group headed by the
Additional Secretary (FS), Government of India to improve the functioning of
DRTs. The amendment of SRFAESI Act in 2004;
Ø
Enables the borrower to make an application
before the DRT, against the measures taken by the secured creditors, without
depositing any portion of the money due;
Ø
Provision for the DRT to dispose of the
application as expeditiously as possible, within a period of 60 days from the
date of the application; and
Ø
Enables any person aggrieved by any order made
by DRT to file an appeal before the Debit Recovery Appellate Tribunal, after
depositing with the Appellate Tribunal, forty percent, of the amount due from
him, as claimed by the secured creditor or as determined by the DRT, whichever
is less.
b). Corporate Debt Restructuring (CDR):
CDR
is a non-statutory mechanism among the Banks and Financial institutions. This
principally aims at restructuring of the corporate debts of viable corporate
entities affected by internal or external factors, outside the purview of BIFR,
DRT and other legal proceeding for the benefit of all concerned. The process
includes all the standard and sub-standard accounts. The corporate would also
continue to be eligible for fresh financing of funding requirements, by the
lenders as per the respective, normal policy parameters and eligibility
criteria. It shall make more corporate viable, specially when they are facing a
temporary liquidity crunch or any other problems of a short term nature. This
scheme started in 2001 but was fine-tuned in February 2003, based on the
recommendations made by a working group. A recent review of the operation of
the scheme, revealed that nearly, one-third of the units, assisted under the
scheme improved their financial position. Recently, a special group had been
constituted, to review the performance of the CDR mechanism and suggest
measures to make it more effective. The major beneficiaries were iron, steel,
refinery, fertilizers, and telecommunication industries, accounting for more
than two-thirds share of value of assets restructured.
c). SRFAESI Act,2002:
The Government has
passed the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest (SRFAESI) Act 2002, in order to give teeth to
the banks to proceed against the “willful defaulter”, and a effect recoveries
without the intervention of courts and tribunals. The Supreme Court in its
judgment in April 2004, upheld the constitutional validity of the Act, and it
has declared Section 17 (2) as unconstitutional as it violates Article 14 of
the Constitution of India. The SRFAESI ACI Act was amended in 2004 in order to
dissuade the borrower, from delaying the repayment of dues, to facilitate
speedy recovery of debt of secured creditors.
d). Credit Information on Defaulters and Role of Credit Information
Bureau of India Ltd (CIBIL) :
The
development of an efficient credit information system is considered critical
for the development of a sound financial system. Dissemination of credit
information covering data supplied on suit-filed defaulters in the financial
system is undertaken by CIBIL w.e.f., March 2003, and the data can be accessed
on CIBIL’s website. The RBI issued instructions, to banks and financial Institutions (FIs) in 2003, to obtain the consent
of all their borrows for pooling of data for development of a comprehensive
credit information system. In order to give further thrust, in the matter of
operationalisation of CIBIL, the RBI advised banks/ FIs to review the measures
taken at their Board level, and report compliance to RBI about the same.
Nationalized banks submitted credit information, relating to 80 percent of
their eligible borrowers, after obtaining consent from all their borrowers.
Further, with a view to strengthening the legal mechanism, and facilitating
credit information borrowers of Banks/ FIs, a draft credit information
companies regulation bill 2004 was introduced in Parliament. It has become
operational from June 2005. It covers registration, responsibilities of the
bureau, rights and obligations of the credit institutions and safeguarding of
privacy rights of borrowers. The Bill empowers CIBIL to collect information
relating to all borrowers and confers upon the RBI the power to determine
policy in relation to the functioning of credit information companies, and also
giving directions to these companies. Availability of credit information
enables banks to avoid lending by two or more institutions and better credit
management schemes of willful defaulters.
e). Asset Reconstruction Companies (ARCs):
An ARC is a
special purpose limited liability company, which takes over non-performing
loans of banks and FIs at a discounted rate, and manage and dispose such asset.
Beginning with the Narasimham Committee Report in December 1991, there have
been consistent efforts for setting up
ARCs in India .
Narasimham Committee II reiterated this point. The RBI has granted a
certificate of registration to three ARCs so far, out of which ARCIL has
already started its operations. In order that ARCs have a sound capital base
and a stake in the management of the NPAs acquired, the requirement of owned
funds for commencement of business has been stipulated as not less than 15
percent of assets acquired or Rs. 100 crore whichever is less.
Conclusion:
Strengthening of
the financial sector and improving the functioning of financial markets can be
described as the core principles of financial sector reforms in India . As a
result of these reforms the entire scenario of Indian banking has changed and
the progress of banking reforms in the last fifteen years has been impressive.
The RBI has achieved substantial progress in modifying the policy frame-work
for reforms. The banking sector has shown improvements in profitability,
efficiency and stability, however the fact remains that the social objectives
before the banks are said to be side-tracked, while every emphasis has been on
the financial strength, capital adequacy and profitability of banks.
It may be stated
that due to the forces of competition and implementation of international accounting
standards, the performance of all groups of banks have improved in all the
areas during the study period. The new private sector banks and foreign banks
with better technology and improved product line have been able to give stiff
competition to public sector banks and old private banks. Due to liberalization
policies, the number of foreign banks increased from 20 to 40 during 1991-
2004. It appears that the future of the
Indian banking industry appears to be bright in all respects and aspects.
The
voluntary retirement schemes
announced by public sector banks are a
tool to help the banks to trim their workforce and rid themselves of unskilled
people through golden hand shake through skilled human resource from the
market. Keeping in view the globalization and successful entry of new private
sector banks. One of the major weakness of banking in India in the recent past is
accumulation of NPAs. NPAs refer to the accumulation of problem loans over a
period of time. The profitability of banks depends on factors such as level of
NPAs, cost of funds and subsidized lending etc. in the recent years the problem
of NPAs has been debated widely in the context of performance of banks. There
is need to contain the growth in NPAs in order to improve the performance of
banks. This is because the growth of NPAs is detrimental to the financial
health of the banks. The role of political leaders are a major hurdle for NPA.
Political parties for their survival and growth are using banks as one of the
media for success. They are not bother about the recovery of the assets.
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