Ahead of the roll out of one-time debt recast for resolution of Covid-19 related stress in bank loans, Finance Minister Nirmala Sitharaman will hold a review meeting with bankers and heads of non-banking financial companies (NBFCs) on September 3 for smooth and speedy implementation of the scheme.
“The review (meeting) will focus on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation,” the Finance Ministry said in a statement.
The finance minister will review the implementation of the resolution framework for Covid-19 related stress in bank loans on Thursday with the top management of scheduled commercial banks and NBFCs, it said.
The RBI earlier this month permitted one-time restructuring of both corporate and retail loans.Banks are in the process of getting a board-approved restructuring framework in line with RBI’s framework and eligibility defined by the central bank in its notification on August 6.
