bfsi.economictimes.indiatimes.com Open in urlscan Pro
2a02:26f0:6c00:2ad::3857 Public Scan

Back to summary

Submitted URL:
https://bfsi.economictimes.indiatimes.com/l.php?url=https://bfsi.economictimes.indiatimes.com/news/industry/nfra-cautions-cos-against-viol...
Effective URL:
https://bfsi.economictimes.indiatimes.com/news/industry/nfra-cautions-cos-against-violating-norms-on-recognising-interest-expenses-on-bank...
Submission: On November 07 via api (November 7th 2022, 7:22:29 am UTC) from IN — Scanned from DE

Form analysis
4 forms found in the DOM

<form>
  <ul class="tabs clearfix">
    <li><a class="active" href="#" data-target="cookietabAnalytics">Analytics</a></li>
    <li><a class="" href="#" data-target="cookietabNecessary">Necessary</a></li>
    <li><a class="hideit" href="#" data-target="cookietabNewsletter">Newsletter</a></li>
  </ul>
  <div data-box="cookietabAnalytics" class="scroll-content ">
    <table cellpadding="0" cellspacing="0">
      <thead>
        <tr>
          <th></th>
          <th>Name</th>
          <th>Provider</th>
          <th>Expiry</th>
          <th>Type</th>
          <th>Purpose</th>
        </tr>
      </thead>
      <tbody>
        <tr>
          <td><input name="config.ga" id="id-config-ga" type="hidden" value="0"><input name="config.ga" type="checkbox" value="1"></td>
          <td><label for="id-config-ga">Google Analytics</label></td>
          <td><label for="id-config-ga">Google</label></td>
          <td><label for="id-config-ga">1 Year</label></td>
          <td><label for="id-config-ga">HTTPS</label></td>
          <td><label for="id-config-ga">To track visitors to the site, their origin &amp; behaviour.</label></td>
        </tr>
        <tr>
          <td><input name="config.ibeat" id="id-config-ibeat" type="hidden" value="0"><input name="config.ibeat" type="checkbox" value="1"></td>
          <td><label for="id-config-ibeat">iBeat Analytics</label></td>
          <td><label for="id-config-ibeat">Ibeat</label></td>
          <td><label for="id-config-ibeat">1 Year</label></td>
          <td><label for="id-config-ibeat">HTTPS</label></td>
          <td><label for="id-config-ibeat">To track article's statistics</label></td>
        </tr>
        <tr>
          <td><input name="config.growthrx" id="id-config-growthrx" type="hidden" value="0"><input name="config.growthrx" type="checkbox" value="1"></td>
          <td><label for="id-config-growthrx">GrowthRx Analytics</label></td>
          <td><label for="id-config-growthrx">GrowthRx</label></td>
          <td><label for="id-config-growthrx">1 Year</label></td>
          <td><label for="id-config-growthrx">HTTPS</label></td>
          <td><label for="id-config-growthrx">To track visitors to the site and their behaviour</label></td>
        </tr>
      </tbody>
    </table>
  </div>
  <div data-box="cookietabNecessary" class="scroll-content hide">
    <table cellpadding="0" cellspacing="0">
      <thead>
        <tr>
          <th></th>
          <th>Name</th>
          <th>Provider</th>
          <th>Expiry</th>
          <th>Type</th>
          <th>Purpose</th>
        </tr>
      </thead>
      <tbody>
        <tr>
          <td><input name="config.optout" id="id-config-optout" type="hidden" value="1"><input name="config.optout" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-optout">optout</label></td>
          <td><label for="id-config-optout">Times Internet</label></td>
          <td><label for="id-config-optout">1 Year</label></td>
          <td><label for="id-config-optout">HTTPS</label></td>
          <td><label for="id-config-optout">Stores the user's cookie consent state for the current domain</label></td>
        </tr>
        <tr>
          <td><input name="config.PHPSESSID" id="id-config-PHPSESSID" type="hidden" value="1"><input name="config.PHPSESSID" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-PHPSESSID">PHPSESSID</label></td>
          <td><label for="id-config-PHPSESSID">Times Internet</label></td>
          <td><label for="id-config-PHPSESSID">1 day</label></td>
          <td><label for="id-config-PHPSESSID">HTTPS</label></td>
          <td><label for="id-config-PHPSESSID">Stores user's preferences</label></td>
        </tr>
        <tr>
          <td><input name="config.accessCode" id="id-config-accessCode" type="hidden" value="1"><input name="config.accessCode" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-accessCode">accessCode</label></td>
          <td><label for="id-config-accessCode">Times Internet</label></td>
          <td><label for="id-config-accessCode">2.5 Hours</label></td>
          <td><label for="id-config-accessCode">HTTPS</label></td>
          <td><label for="id-config-accessCode">To serve content relevant to a region</label></td>
        </tr>
        <tr>
          <td><input name="config.pfuuid" id="id-config-pfuuid" type="hidden" value="1"><input name="config.pfuuid" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-pfuuid">pfuuid</label></td>
          <td><label for="id-config-pfuuid">Times Internet</label></td>
          <td><label for="id-config-pfuuid">1 Year</label></td>
          <td><label for="id-config-pfuuid">HTTPS</label></td>
          <td><label for="id-config-pfuuid">Uniquely identify each user</label></td>
        </tr>
        <tr>
          <td><input name="config.OSTID " id="id-config-OSTID " type="hidden" value="1"><input name="config.OSTID " type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-OSTID ">OSTID</label></td>
          <td><label for="id-config-OSTID ">Times Internet</label></td>
          <td><label for="id-config-OSTID ">1 Year</label></td>
          <td><label for="id-config-OSTID ">HTTPS</label></td>
          <td><label for="id-config-OSTID ">Oauth secure token</label></td>
        </tr>
        <tr>
          <td><input name="config.OSSOID" id="id-config-OSSOID" type="hidden" value="1"><input name="config.OSSOID" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-OSSOID">OSSOID</label></td>
          <td><label for="id-config-OSSOID">Times Internet</label></td>
          <td><label for="id-config-OSSOID">1 Year</label></td>
          <td><label for="id-config-OSSOID">HTTPS</label></td>
          <td><label for="id-config-OSSOID">Oauth user identifier</label></td>
        </tr>
        <tr>
          <td><input name="config.OSTPID" id="id-config-OSTPID" type="hidden" value="1"><input name="config.OSTPID" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-OSTPID">OSTPID </label></td>
          <td><label for="id-config-OSTPID">Times Internet</label></td>
          <td><label for="id-config-OSTPID">1 Year</label></td>
          <td><label for="id-config-OSTPID">HTTPS</label></td>
          <td><label for="id-config-OSTPID">used to sync accross portals</label></td>
        </tr>
        <tr>
          <td><input name="config.fpid" id="id-config-fpid" type="hidden" value="1"><input name="config.fpid" type="checkbox" value="1" checked="" disabled=""></td>
          <td><label for="id-config-fpid">fpid</label></td>
          <td><label for="id-config-fpid">Times Internet</label></td>
          <td><label for="id-config-fpid">1 Year</label></td>
          <td><label for="id-config-fpid">HTTPS</label></td>
          <td><label for="id-config-fpid">Browser Fingerprinting to uniquely identify client browsers</label></td>
        </tr>
      </tbody>
    </table>
  </div>
  <div data-box="cookietabNewsletter" class="scroll-content hide">
    <table cellpadding="0" cellspacing="0">
      <thead>
        <tr>
          <th></th>
          <th>Name</th>
          <th></th>
          <th></th>
          <th></th>
          <th>Purpose</th>
        </tr>
      </thead>
      <tbody>
        <tr>
          <td><input name="config.newsletter" id="id-config-newsletter" type="hidden" value="0"><input name="config.newsletter" type="checkbox" value="1"></td>
          <td><label for="id-config-newsletter">Daily Newsletter</label></td>
          <td><label for="id-config-newsletter"></label></td>
          <td><label for="id-config-newsletter"></label></td>
          <td><label for="id-config-newsletter"></label></td>
          <td><label for="id-config-newsletter">Receive daily list of important news</label></td>
        </tr>
        <tr>
          <td><input name="config.promonewsletter" id="id-config-promonewsletter" type="hidden" value="0"><input name="config.promonewsletter" type="checkbox" value="1"></td>
          <td><label for="id-config-promonewsletter">Promo Mailers</label></td>
          <td><label for="id-config-promonewsletter"></label></td>
          <td><label for="id-config-promonewsletter"></label></td>
          <td><label for="id-config-promonewsletter"></label></td>
          <td><label for="id-config-promonewsletter">Receive information about events, industry, etc.</label></td>
        </tr>
      </tbody>
    </table>
  </div>
  <footer>
    <label><input type="hidden" name="useragreement" value="0"><input type="checkbox" name="useragreement" value="1"> I've read &amp; accepted the
      <a style="color:red" href="https://bfsi.economictimes.indiatimes.com/terms_conditions.php" target="_blank">terms and conditions</a></label>
    <input type="button" id="submitconsent" value="OK">
    <span class="err_txt hide"></span>
  </footer>
</form>

GET https://bfsi.economictimes.indiatimes.com/search

<form method="get" id="search_form" action="https://bfsi.economictimes.indiatimes.com/search">
  <input name="q" aria-label="Query" type="text" class="txt" autocomplete="off" placeholder="Search" value="">
</form>

<form action="" class="clearfix">
  <div class="section clearfix">
    <input id="subscribe_email_top" aria-label="Email" type="text" class="textbox" value="" placeholder="Your Email">
    <input type="button" id="subscriber_btn_top" onclick="EtB2b.subscription.updateSubscription('top');" class="btn submit" value="Join Now">
  </div>
  <ul class="nwsltr_lst clearfix" style="display:none;">
  </ul>
</form>

<form action="" class="clearfix">
  <input id="subscribe_email_bottom" aria-label="Email" type="text" class="textbox" value="" placeholder="Your Email">
  <input type="hidden" name="pip_category_id_bottom" id="pip_category_id_bottom" value="0">
  <input type="hidden" name="pip_category_top" id="pip_category_bottom" value="">
  <input type="hidden" name="newsletter_id_bottom" id="newsletter_id_bottom" value="">
  <input type="button" id="subscriber_btn_bottom" class="btn submit" value="Join Now" onclick="EtB2b.subscription.updateSubscription('bottom');">
</form>

Text Content

ACCEPT THE UPDATED PRIVACY & COOKIE POLICY

Dear user,

ET BFSI privacy and cookie policy has been updated to align with the new data
regulations in European Union. Please review and accept these changes below to
continue using the website.

You can see our privacy policy & our cookie policy. We use cookies to ensure the
best experience for you on our website.

If you choose to ignore this message, we'll assume that you are happy to receive
all cookies on ET BFSI.

 * Analytics
 * Necessary
 * Newsletter

NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors
to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track
article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to
the site and their behaviour

NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's
cookie consent state for the current domainPHPSESSIDTimes Internet1
dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve
content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify
each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1
YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync
accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely
identify client browsers

NamePurpose Daily NewsletterReceive daily list of important newsPromo
MailersReceive information about events, industry, etc.

I've read & accepted the terms and conditions
NEWS SITES
 * Auto News
 * Retail News
 * Health News
 * Telecom News
 * Energy News
 * CIO News
 * Real Estate News
 * Brand Equity
 * CFO News
 * IT Security News
 * Government News
 * Hospitality News
 * HR News
 * Legal News
 * ET TravelWorld News
 * Infra News
 * B2B News
 * CIOSEA News
 * HRSEA News
 * HRME News


Upcoming Event: CFO Meet & discussion on Revised Companies Act
Sign in/Sign up
 * Follow us:
 * 
 * 
 * 
 * 
 * 


 * 
 * ETBFSI Exclusive
 * BANKING
 * INSURANCE
    * InsurTech

 * NBFC
 * FINTECH
    * Payments
    * Digital Lending
    * RegTech
    * Open API

 * BFSI Videos
 * Editor's View
 * Brand Solutions
   
    * ETBFSI AWARDS 2022
      
      
   
    * GLOBAL INSURANCE BROKERS PVT. LTD
      
      
   
    * ETBFSI.COM CONVERGE
      
      Thriving in the world of digital
   
    * ETBFSI CXO CONCLAVE
      
      Connecting Financial Institutions Digitally
   
    * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION
      
      
   
    * ETBFSI FINNEXT SUMMIT
      
      The Future of NBFCs and FinTechs
   
    * SIDBI-ET MSMES/STARTUPS
      
      Roudtable Discussion
   
    * REIMAGINE NEXT
      
      
   
    * LEARNFEST
      
      
   
    * REIMAGINE NEXT - THE FUTURE OF LEARNING
      
      
   
    * ETBFSI.COM CONVERGE
      
      BFSI: The world of Hyper-personalization
   
    * ETBFSI EXCELLENCE AWARDS 2021
      
      AWARDS FOR EXCELLENCE IN INNOVATION
   
    * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI
      
      
   
    * 3RD EDITION OF ETBFSI CXO CONCLAVE
      
      Unlocking the BFSI Potential
   
    * THE DIGITAL NEXT: SERIES 2.1
      
      Live Virtual Summit
   
    * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021
      
      
   
    * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021
      
      
   
    * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY
      
      


 * Millennial Finance
 * FinTech Diary
 * BFSI Tech Tales
 * Green Finance
 * IBC
 * ETBFSI Explains
 * BFSI Movement
 * More
   * Blogs
   * Innovation Masters
   * POLICY
   * FINANCIAL SERVICES

x

 







 * BFSI News
 * Latest BFSI News
 * Industry


EXCLUSIVE


NFRA CAUTIONS COS AGAINST VIOLATING NORMS ON RECOGNISING INTEREST EXPENSES ON
BANK BORROWINGS

The NFRA’s directive has come against the backdrop of instances of companies
discontinuing accrual/recognition of interest expense on bank borrowings, which
had reportedly been classified as NPA

 * ETBFSI
 * November 01, 2022, 08:00 IST

 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 


The National Financial Reporting Authority (NFRA) has directed companies not to
discontinue recognition of interest expenses on borrowings merely on the basis
of expectations of a likely settlement with or without concessions from the
banks.

The NFRA’s directive has come against the backdrop of instances of companies
discontinuing accrual/recognition of interest expense on bank borrowings, which
had reportedly been classified as Non-Performing Asset (NPA).

According to the watchdog, such an accounting treatment was in contravention of
the provisions of applicable Indian Accounting Standard (Ind AS).



No reduction in liability

“Mere classification of the company’s borrowings as NPAs by the lender banks
does not relieve the borrowing company from its liability towards payment of
interest and/or the principal.

“It may be relevant to note that the RBI guidelines also require the banks to
maintain a Memorandum Record of Accrued Interest on the loans classified as NPAs
clearly reflecting the fact that the bank has not yet legally released the
borrowers from their contractual liability to pay interest on their borrowings
from the bank,” NFRA said in a release on Friday.

Violations with respect to recognising interest expenses on borrowing has been
observed by the regulator with respect to several companies.

Against this backdrop, the regulator has also issued a circular to draw the
attention of all companies, audit committees, and statutory auditors. Also,
company secretaries have been advised to draw attention of the board of
directors of their companies to the circular.

“All companies which are required to follow Ind AS and their audit committees
are hereby advised not to discontinue recognition of the principal or interest
merely because of the borrowings being declared NPA or the management’s
expectation of a likely settlement with or without concessions from the banks,”
NFRA said.


Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Industry
rbi
nfras
national financial reporting authority
indian accounting standard
reserve bank of india
RBI guidelines
NPA
non-performing asset
nfra
Ind As


Read on App
Read on App


PEOPLE WHO READ THIS ALSO READ

 * ‘Will transform digital economy landscape, bolster interbank market’:
   FinTechs welcome first pilot in e-Rupee
 * Drinik malware strikes again, targets 18 Indian banks including SBI
 * These five dangerous Android apps can hack bank accounts, claims report
 * How fintechs can bring more women into leadership positions


SUBSCRIBE TO OUR NEWSLETTER

50000+ Industry Leaders read it everyday



I have read Privacy Policy and Terms & Conditions and agree to receive
newsletters and other communications on this email ID.












INDUSTRY

 * 1 day ago
   
   INDIA FACES GLOBAL SHOCKS WITH BETTER BALANCE SHEETS; MEDIUM-TERM GROWTH
   OUTLOOK GOOD: CEA

 * 1 day ago
   
   FINANCIAL STRENGTH CRITICAL FOR 'ATMA NIRBHAR BHARAT': NIRMALA SITHARAMAN

 * 1 day ago
   
   ECONOMY MAY SEE SLOWER GROWTH NEXT YEAR: NCAER

 * 1 day ago
   
   AT COP27, INDIA'S FOCUS WOULD BE ON CLIMATE FINANCE, ITS DEFINITION

View More


EDITOR'S PICK

 * 4 hrs ago
   
   TECHNOLOGY AND TALENT: TWO CHALLENGES FOR INDIAN BANKS

 * 4 hrs ago
   
   NARCL’S FIRST BID: WILL IT HELP CLEAN BANK’S BALANCE SHEETS?

 * 3 hrs ago
   
   THE HITS AND PITS OF BANKING IN Q2

 * 1 day ago
   
   BOB'S PROFIT SOARS BY 58% AT RS 3,313 CRORE, NET NPA RATIO IMPROVES

 * 1 day ago
   
   SBI Q2 RESULTS: BANK POSTS HIGHEST EVER QUARTERLY NET PROFIT AT ₹13,265
   CRORES, SURGE OF 74% YOY


BFSI VIDEOS


 * BANK-FINTECH RELATIONSHIP A POSITIVE-SUM GAME: CASHE CTO & CBO
   
   The new guidelines pertaining to digital lending, introduced by the RBI are
   definitely a welcome move in terms of how the industry should adhere to a
   framework while handling customer’s data, said Yashoraj Tyagi, CTO and CBO,
   CASHe while speaking at the 4th Edition of ETBFSI CXO Conclave. There has
   been a massive shift in the last 5 years in the way customers handle digital
   credit. Invariably, this has led to a shift in the way organisations access
   data. "Ultimately, as the guidelines dictate, customers should be the centre
   of how they choose to give access to data," he said. Additionally, Tyagi
   spoke on how BNPL as a financial product, has worked in the Indian economy.
   “It has worked so far because India has shifted from a tabooed-economy to one
   which is driven by a healthy combination of savings and credit. However, the
   possibility of BNPL rising exponentially is doubtful.” Lastly, Tyagi
   acknowledged how the Bank-Fintech relationship is a positive-sum game. Both
   entities come with their own strengths and key values to the table. So, when
   such collaboration happen, both parties tend to benefit.

 * 14 days ago
   
   NEOBANKING & CLOUD: THE DIGITAL WAY FORWARD FOR FINTECH

 * 19 days ago
   
   FIRESIDE CHAT: BFSI: EMBRACING THE NEW DIGITAL TRANSFORMATION ERA

 * 20 days ago
   
   CISOS DISCUSSION: WHAT WILL MAKE BFSI BULLETPROOF AMIDST THE RISING CYBER
   ATTACKS

View More




EXCLUSIVE


SPECIAL DRTS TO DEAL WITH HIGH-VALUE CASES OF OVER RS 100 CRORE

High-value cases are just 1 per cent of the total cases but form 80 per cent of
value, making it imperative to set up such tribunals.

 * ETBFSI

Click Here to Read This Story
 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 

With high-value cases amounting to the majority of claims by value, the
government has designated special debt recovery tribunals (DRTs) for speedy
recovery in such cases.
The Finance Ministry has designated one Debts Recovery Tribunal (DRT) each in
Chennai, Delhi and Mumbai for speedy adjudication and recovery in high-value
cases of Rs 100 crore and above.
DRT 1 Mumbai will handle all applications involving a debt amount of Rs 100
crore and above falling under the jurisdiction of DRT 2 and 3 Mumbai, DRT Pune
and DRT 1, 2 and 3 Ahmedabad, DRT Aurangabad and DRT Nagpur, according to a
notification issued by the ministry.
DRT 2 Delhi will deal with high-value debt cases falling under the jurisdiction
of DRT 1 and 2 Delhi, DRT Jaipur and DRT 1, 2 and 3 Chandigarh.
DRT 1 Chennai will deal with all applications involving a debt of Rs 100 crore
and above falling under the jurisdiction of DRT 2 and 3 in Chennai, DRT Madurai,
DRT 1 and 2 Bengaluru, DRT 1 and 2 Ernakulam, and DRT Coimbatore.
As of February-end, there were 1,61,034 pending cases at the DRTs, with DRT 2
Chandigarh having the most (10,578 cases), followed by DRT 3 Chandigarh (8,885)
and DRT 3 Kolkata (7,171).
The tribunals have been designated after banks made a request to the government
for special DRTs to expedite recovery in high-value cases.
The recovery through DRT is around 4 per cent in the last two years, making it
imperative to set up such tribunals for speedy and higher recovery. High-value
cases are just 1 per cent of the total cases but form 80 per cent of value.


Follow and connect with us on Twitter, Facebook, Linkedin, Youtube
Industry
drt
finance ministry
drt pune
drt nagpur
drt madurai
drt jaipur
debts recovery tribunal
chennai
mumbai
delhi


Read on App
Read on App

 * Industry News
 * Auto News
 * Retail News
 * Health News
 * Telecom News
 * Energy News
 * CIO News
 * Real Estate News
 * Brand Equity
 * CFO News
 * IT Security News
 * Government News
 * Hospitality News
 * HR News
 * Legal News
 * ET TravelWorld News
 * Infra News
 * B2B News
 * CIOSEA News
 * HRSEA News
 * HRME News

 * CONTACT US
   
   
   ADVERTISE WITH US
   
   We have various options to advertise with us including Events, Advertorials,
   Banners, Mailers, Webinars etc.
   
   Please contact us to know more details.

 * SIGN UP FOR
   
   
   ETBFSI NEWSLETTER
   
   Get ETBFSI's top stories every morning in your email inbox.
   
   50000+ Industry Leaders read it everyday
   
   
   
   I have read Privacy Policy and Terms & Conditions and agree to receive
   newsletters and other communications on this email ID.
   

 * FOLLOW US
   
   
   @ETBFSI
   
   Follow @ETBFSI for the latest news, insider access to events and more.
   
   * 
   * 
   * 
   * 
   * 

 * About Us
 * Contact Us
 * Advertise with us
 * Newsletter
 * RSS Feeds
 * Embed ETBFSI.com Widgets on your Website
 * Privacy Policy
 * Terms & Conditions
 * Guest-Post Guidelines
 * Sitemap

Copyright © 2022 ETBFSI.com. All Rights Reserved.

bfsi.economictimes.indiatimes.com Open in urlscan Pro 2a02:26f0:6c00:2ad::3857 Public Scan

Form analysis 4 forms found in the DOM

GET https://bfsi.economictimes.indiatimes.com/search

Text Content

bfsi.economictimes.indiatimes.com Open in urlscan Pro
2a02:26f0:6c00:2ad::3857 Public Scan

Form analysis
4 forms found in the DOM