In my interaction with various players, I sense it has a very positive impact, even in Tier II and Tier III towns. The promoters have realized that the banks are going to come hard after  BIS central bankers’ speeches  3  them if they don’t observe credit discipline.
Of course, there are skeptics who say whether it was the right time to RBI to undertake this initiative especially at a stage when the economy is growing slowly. Interestingly, some of these are the very same people who earlier criticized RBI for letting things drift and banks being allowed too much of forbearance.