Bankers get immunity up to Rs 50 cr loans

November 01, 2021 18:20

Seeking to protect honest bank employees, the government has come out with the 'staff accountability framework' under which officers concerned will not be hauled up in case bona fide decisions involving loans up to Rs 50 crore go wrong.

The framework will cover only genuine decisions and not those involving malfeasance or mala fide intentions, according to the norms issued by the finance ministry.

It specifies details and the procedures to be followed for scrutinising such acts of omission and commission on the part of bank officials concerned.

To save them from unnecessary hassle, the framework also provides for resolution of such cases against bankers.

"Banks must initiate and complete staff accountability exercise within six months from the date of classification of the account as non-performing asset," the ministry said.

The framework, dated October 29, gives detailed standard operating procedures to be followed for different category of NPAs, depending on the amount. --PTI

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