As many as 10 mn borrowers can't benefit from moratorium. Here's why

As many as 10 million borrowers who are eligible for the moratorium have not been able to take advantage of it as NBFCs which gave the loans have already securitised them — that is, pooled future receivables or repayments into pass-through-certificates (PTCs) and sold them to investors such as banks, NBFCs, MFs, insurers and HNIs, said CRISIL.

These investors are yet to approve the moratorium on underlying loans and reschedule most PTC repayments because they don’t have clarity on the impact such a move will have on the valuation of their investments.