FM asks banks to craft recast plans by 15 September2 min read . Updated: 03 Sep 2020, 04:21 PM IST
- Finance minister held a virtual review meeting with heads of banks and non-banking finance companies today for smooth and fast implementation of the one-time debt restructuring for resolution of covid-19 related stress in bank loans
NEW DELHI: The Union government on Thursday asked banks to prepare debt recast plans for pandemic-hit businesses by 15 September, with the six-month loan moratorium drawing to an end. In a virtual meeting with banks and non-bank lenders, finance minister Nirmala Sitharaman said the distress caused by the pandemic should not impact lenders’ assessment of borrowers’ creditworthiness.
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