Categories: Business

FM Sitharaman to meet bankers on loan recast on Thursday

Photo: PTI

FM to meet bankers on loan recast

new Delhi. On Thursday, Finance Minister Nirmala Sitharaman is going to have a meeting with the heads of banks and NBFC. This meeting is to be held for one-time loan restructuring relief given by the Reserve Bank, the meeting will discuss the measures to complete the scheme in a fast and easy manner.

Regarding the meeting, the Finance Ministry informed that in this review meeting, the focus will be on providing relief to businessmen and families on the basis of their capacity. Along with this, ways will be discussed to finalize bank policies, identify borrowers and complete the process swiftly and accurately. The Reserve Bank of India had earlier this month announced restructuring of corporate and retail loans. Banks are currently busy in deciding who will get the benefit of restructuring and how much it will be, according to the Reserve Bank's notification. The benefit of restructuring will be available to those whose loan account is standard till March 1 and the default time should not exceed 30 days. In addition, the KV Kamath Committee is preparing its recommendations on the financial parameters like debt service coverage ratio, debt equity ratio and interest coverage ratio for restructuring corporate loans. Notifications on recommendations can be given by 6 September.

This post was published on August 30, 2020 7:28 pm

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