The finance ministry has asked the Reserve Bank of India to review the project appraisal norms followed by banks and financial institutions, with respect to the experience of BPL Mobile Cellular Ltd and ICICI Bank.
The move is aimed at addressing the concerns raised by borrowers about the time taken in project appraisals and subsequent delays in achieving financial closure.
BPL Cellular recently told Finance Minister Jaswant Singh that it was facing inordinate delays in achieving financial closure as its project cost had jumped from Rs 2,660 crore to Rs 3,240 crore
