FM to meet heads of banks, NBFCs to review loan recast scheme on Thursday

Finance Minister Nirmala Sitharaman will hold a review meeting with heads of banks and NBFCs on Thursday for smooth and speedy implementation of the one-time debt recast for resolution of Covid-19 related stress in bank loans.
 

The Reserve Bank of India (RBI) last month permitted one-time restructuring of both corporate and retail loans without getting classified as a non-performing asset (NPA).
 

Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank in its notification on August 6.
 

Besides assessing the preparedness of banks on the debt