Under Section 2(1)(o) of the SARFAESI Act, a 'non-performing asset' is an asset or account of a borrower classified by a bank or financial institution as which of the following?

Section 2(1)(o) defines 'non-performing asset' (NPA) as an asset or account of a borrower which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with directions or guidelines relating to asset classification issued by the RBI (or by the relevant regulatory authority). The definition specifically covers three categories: sub-standard, doubtful, and loss assets. 'Standard assets' and 'special mention accounts' (SMA) are not NPAs for SARFAESI purposes. Classification as NPA is the prerequisite trigger for the bank to issue the 60-day notice under Section 13(2).