NBFCs seek fresh debt recast as Covid-19 second wave wreaks havoc

Those who had availed themselves of the recast earlier should get a second chance, the Finance Industry Development Council said in a letter to the RBI

Amid the resurgence of Covid-19 and with states imposing lockdowns, non-banking financial companies (NBFCs) are seeking a revival of the debt restructuring scheme. Those who had availed themselves of the recast earlier should get a second chance, the Finance Industry Development Council (FIDC) said in a letter to the Reserve Bank of India (RBI).
 
In the letter, addressed to RBI Governor Shaktikanta Das, the industry lobby group said, “Considering the severe second wave of Covid-19, the retail borrowers, including the [micro, small and medium enterprises], as also the retail and wholesale trader industry shall be in urgent need of