NCLAT allows lenders to declare IL&FS loans as NPAs, as per RBI norms. Some banks have already made provisions based on their exposure. The cumulative exposure to IL&FS stands at around Rs 50,000 crore. Now PSU banks have to see whether want to go quarter to quarter or they make the full provisioning in one go. This will not only affect banks which are declaring Q4 earnings, but also the bond market.