Which of the following statements is incorrect regarding the Non-Performing Assets?
1
Non-Performing Assets (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 99 days.
2
Substandard Assets are a category of assets that remain as NPAs for less than or equal to 12 months.
3
Doubtful assets are a category of assets that has remained in the substandard category for a period of 12 months.
4
A loss asset is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted, although there may be some salvage or recovery value.
5
Question Not Attempted