RBI’s New Loan Recast Scheme
- On 6th August, 2020, the Reserve Bank of India (RBI) gave the green signal to a loan restructuring scheme for stressed borrowers.
- The ‘Resolution Framework for Covid19-related Stress’, has been announced as a special window under the Prudential Framework on Resolution of Stressed Assets issued on June 7, 2019.
Key Points
Beneficiaries
- Only those companies and individuals whose loans accounts are in default for not more than 30 days as on March 1, 2020, are eligible for one-time restructuring.
- For corporate borrowers, banks can invoke a resolution plan till December 31, 2020 and implement it till June 30, 2021. ....
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