Banking · IRAC Norms and Asset Classification
Consider the following statements regarding Income Recognition and Asset Classification (IRAC) norms for loans: Statement I: A term loan is classified as a non-performing asset (NPA) if interest and/or installment of principal remains overdue for more than 90 days. Statement II: An agricultural loan for long duration crops is treated as NPA if the installment of principal or interest remains overdue for one crop season. Statement III: For an NPA account to be upgraded to 'Standard' category, the borrower must clear all the overdue interest and principal amount in full. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III✓
- 2Only II and III
- 3Only I and II
- 4Only I
Correct answer
I, II and III
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