RBI’s steps in for retail borrowers: Offers fresh restructuring, extension for recast loans
If you are worried about your upcoming EMI payments, given the precarious COVID-19-induced economic situation, there is relief coming your way.
In light of the devastating pandemic and its economic impact, Reserve Bank of India(RBI) governor Shaktikanta Das on Wednesday rolled out a host of measures aimed at easing the distress.
The central bank has allowed banks to restructure loans of individual borrowers of up to Rs 25 crore for those who hadn’t availed of such facilities earlier. “Borrowers…having aggregate exposure of up to ₹25 crore and who have not availed restructuring under any of the earlier restructuring frameworks…and who were classified as ‘Standard’ as on March 31, 2021, shall be eligible to be considered under Resolution Framework 2.0,” Das said. Banks and borrowers will have a window of up to September 30, 2021 to invoke the plan, which will then have to be implemented within 90 days.
Put simply, your loans can be restructured under the new framework 2.0 only if you have not availed of such facilities earlier. Also, your repayment record needs to be clear as on …
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