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ICICI Securities Report
The Reserve bank of India's Monetary Policy Committee voted unanimously for a pause – hold rates for now and use further space judiciously and opportunistically.
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At the same time, to ease financial stress, it announced Covid-19 related stress resolution framework.
We believe the framework is much broader in scope (corporate, micro small and medium enterprise, retail loans included against the demand for restructuring in specific sectors) for an extended period (rescheduling tenor up to two years or conversion of debt), with necessary safeguards (learning from past forbearance), discouraging non-Covid-19 related legacy stress (eligible to special mention account (SMA-0) as on March 1, 2020) and dis-incentivising through provisioning requirement (10%).
Overall, restructured pool would be known by Q3 FY21 and then net worth impairment exercise would start. However, now credit cost will spill over to FY22 or beyond rather than being up fronted in FY21.
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