Regulatory Alerts2024-12-03
Added
DFIM Circular Letter No. 36: Loan/Lease Classification and Provisioning
The circular clarifies that the instruction allowing qualitative classification upgrades in Circular No. 04 applies only to loans and leases already classified qualitatively, not to those classified quantitatively. Loans and leases classified quantitatively must be upgraded, regularized, or analyzed through the payment of overdue amounts, with the classification determined based on the number of installments specified in Section 3.1 of the referenced circular. These instructions are effective immediately and are issued under Section 41(2)(d) of the Finance Companies Act, 2023.
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