Question
The term “SICR” discussed in the recently published
RBI's released Discussion Paper on Introduction of Expected Credit Loss (ECL) Framework for Provisioning by Banks stands for?Solution
Definition of significant increase in credit risk and definition of default: Significant Increase in Credit Risk (SICR) For the purpose of determining SICR, RBI has proposed that: • SICR should be assessed at the level of each counterparty which is holding an instrument (under Ind AS 109, the SICR assessment is at an instrument level) • Following exposures/counterparties would be considered to havea SICR: •Stressed exposures classified under a ‘watch-list’ or equivalent classification for stressed exposures •Financial assets, the contractual payments on which are 30 days past due (this is a rebuttable presumption) •Counterparties that are overdue for more than 60 days.
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