Banking sources say the account will be declared an NPA if the telecom firm misses another interest payment by December 31.
Reliance Communications defaulted on a $1.78-billion loan it took from China Development Bank.
With a net debt of 443 billion rupees as of end-March, RCom is the most leveraged among listed Indian telecom companies.
RCom, controlled by billionaire Anil Ambani, had a net debt of Rs 44,345 crores ($6.92 billion) at the end of March.
Industry observers say that the big winner could be Reliance Jio, which is looking to accumulate and directly control a large chunk of spectrum.