As per RBI draft prudential guidelines for Advances - Projects Under Implementation, Directions, 2024, the projects have to be divided into which of the following phases?

RBI issued draft prudential guidelines for Advances - Projects Under Implementation, Directions, 2024 in May 2024. These Directions are issued to provide a harmonised prudential framework for financing of projects in Infrastructure, Non-Infrastructure and Commercial Real Estate sectors by regulated entities (REs). These Directions also lay down revised regulatory dispensations for changes in the date of commencement of commercial operations (DCCO) of such projects in the backdrop of a review of the extant instructions and analysis of the risks inherent in such financing. For the purpose of application of prudential guidelines contained in these Directions, Projects shall be broadly divided into three phases namely, · Design phase – This is the first phase which starts with the conception of the project and includes, inter-alia, designing, planning, obtaining all applicable clearances/approvals till its financial closure. · Construction phase – This is the second phase which begins after the financial closure and ends on the day before the DCCO. · Operational Phase –This is the last phase which starts with commencement of commercial operation by the project.