MUMBAI: India’s most valuable lender HDFC Bank on Wednesday clarified that the Reserve Bank of India has asked the bank to classify one of its accounts as a non-performing asset. The Bank has received communication from the regulator advising it to classify the said account as a non-performing asset. The same has been duly complied with,” HDFC Bank said in a statement.Without specifying the name of the company, HDFC Bank on Tuesday had said that it had participated in a consortium lending that underwent flexible structuring under the 5:25 regulatory framework as approved by the Joint Lender Forum (JLF) in February 2016. The lender was in discussions with the Reserve Bank of India on certain observations made on the scheme’s implementation. The bank had to take provisions of Rs 1690 crore against these 9 accounts.

Source: Economic Times October 25, 2017 13:38 UTC