Monday, Feb 6, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Business | Rbi Allows Loan Restructuring For Individuals Msmes Hit By Covid 19 Wave

RBI allows loan restructuring for individuals, MSMEs hit by COVID-19 wave

Borrowers that are individuals and micro, small and medium enterprises (MSMEs) having an aggregate exposure of up to Rs 25 crore would be considered for the new scheme.

By PTI
Published Date - 12:24 PM, Wed - 5 May 21
RBI allows loan restructuring for individuals, MSMEs hit by COVID-19 wave
Reserve Bank of India Governor Shaktikanta Das during his addresses in Mumbai.

Mumbai: Reserve Bank on Wednesday announced a slew of measures including loan restructuring for individual and small businesses hit hard by fresh COVID-19 wave.

To augment supply of goods for COVID care, the central bank opened Rs 50,000 crore on-tap window to ease access to emergency health services to boost provision of immediate liquidity for ramping up COVID-19 related healthcare infrastructure and services in the country.

This liquidity window is being opened till March 31, 2022, he said, adding that under the scheme, banks can provide fresh lending support to a wide ranging of entities including vaccine manufacturers, importers and suppliers of vaccine and medical devices, hospitals and dispensaries and suppliers of oxygen and ventilators importers and also patients for treatment.

“Banks are being incentivised for quick delivery of credit under the scheme, through extension of priority sector classification to such lending… and these loans will continue to be classified under priority sector till repayment or maturity, whichever is earlier,” he said an unscheduled press briefing.

With regard to restructuring he said, borrowers that are individuals and micro, small and medium enterprises (MSMEs) having an aggregate exposure of up to Rs 25 crore would be considered for the new scheme.

This would be for those who have not availed restructuring under any of the earlier frameworks, including the Resolution Framework 1.0 of RBI dated August 6, 2020, and who are classified as standard as on March 31, 2021, shall be eligible for the Resolution Framework 2.0, he said.

Under the proposed framework, bank may be invoked up to September 30, and shall have to be implemented within 90 days after invocation, he added.

RBI has also introduced Rs 10,000-crore special long-term repo operation for small finance banks.

Under this, loans up to Rs 10 lakh to MSMEs will be considered as priority sector lending, Das said.

Das also announced relaxation in overdraft facility for state governments to enable them to better manage their fiscal situation in terms of their cash flows and market borrowing.

Now the maximum number of days of overdraft, that are only in a quarter, have been increased from 36 to 50 days.

RBI also announced rationalisation of certain components of the extent know-your-customer (KYC) norms for enhancing customer convenience.

These include extending the scope to video KYC known as video based customer identification process, he said.

Further, keeping in view the COVID-19 related restrictions in various parts of the country, RBI regulated entities have been asked that for the customer accounts were periodic KYC updating is new or pending, “no punitive restriction on operation of customer accounts” will be imposed till December 31, 2021, unless warranted, due to any other reason.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


  • Follow Us :
  • Tags
  • Covid-19
  • emergency health services
  • healthcare infrastructure
  • liquidity window

Related News

  • India records 113 new COVID-19 cases

    India records 113 new COVID-19 cases

  • India logs 128 fresh Covid-19 cases, four deaths

    India logs 128 fresh Covid-19 cases, four deaths

  • Krishna Ella releases book on ‘Economics of Covid-19’

    Krishna Ella releases book on ‘Economics of Covid-19’

  • India records 80 new COVID-19 infections, tally of active cases at 1,848

    India records 80 new COVID-19 infections, tally of active cases at 1,848

  • Telangana expecting new railway projects in Union Budget

    Telangana expecting new railway projects in Union Budget

  • US tech giants continue with layoffs despite improving economy

    US tech giants continue with layoffs despite improving economy

Latest News

  • Hyderabad’s Dhiraj wins doubles title at ITF Juniors Tennis Tournament

    4 mins ago
  • Rachakonda police arrest man harassing and threatening woman

    4 mins ago
  • Telangana’s Samuel emerges champion at V4 Chess Tournament

    8 mins ago
  • Horse Racing: Thanks fancied for Hyderabad feature

    13 mins ago
  • Horse Racing: Miracle Mary and Original Sin shine in trials

    16 mins ago
  • Hyderabad: Four held for attacking fast food centre staff

    17 mins ago
  • Siddharth-Kiara wedding: Guests to feast on 100 dishes from 10 countries

    26 mins ago
  • Vizag steel plant plagued by large scale retirement of staff

    49 mins ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam