The Reserve Bank of India (RBI) Monday issued norms for restructuring loans defaulted by micro, small and medium enterprises.
The RBI permitted a one-time restructuring of existing loans to MSMEs that are in default but 'standard" as on January 1, 2019, the central bank said in a statement.
To be eligible for the scheme, the aggregate exposure, including non-fund based facilities of banks and NBFCs, to a borrower should not exceed Rs 25 crore as on January 1, 2019.
The restructuring has to be implemented by March 31, 2020.
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