{"id":8473,"date":"2020-09-04T10:21:01","date_gmt":"2020-09-04T10:21:01","guid":{"rendered":"https:\/\/earlypostdaily.com\/?p=8473"},"modified":"2020-09-04T10:21:06","modified_gmt":"2020-09-04T10:21:06","slug":"fm-tells-banks-to-frame-loan-recast-scheme-for-all-viable-units-by-sept-15","status":"publish","type":"post","link":"https:\/\/earlypostdaily.com\/index.php\/2020\/09\/04\/fm-tells-banks-to-frame-loan-recast-scheme-for-all-viable-units-by-sept-15\/","title":{"rendered":"FM tells banks to frame loan recast scheme for all viable units by Sept 15"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Finance Minister Nirmala Sitharaman on Thursday told banks to put in place by September 15 loan restructuring schemes to rescue all viable business units affected by the Covid-19 pandemic. She was holding a review meeting with heads of scheduled commercial banks and non-banking financial companies (NBFCs) through videoconferencing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Top bank executives suggested key changes to the Reserve Bank of India\u2019s (RBI\u2019s) loan restructuring scheme to accommodate borrowers who faced stress for a longer period of time, besides lowering the provisioning requirements for restructuring housing loans, the chief executive officer of a bank said, requesting anonymity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finance ministry officials told bankers the ministry was in touch with the RBI to ensure that the regulator provided assistance to them in the resolution process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDuring her interaction, the finance minister focused on lenders immediately putting in place a board-approved policy for resolution, identifying eligible borrowers and reaching out to them, and the quick implementation of a sustained resolution plan by lenders for the revival of every viable business,\u201d the finance ministry said in a statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banks have to approve their own loan restructuring scheme, which was allowed by the RBI in August for all types of borrowers \u2013 corporate, MSME, and personal loan segments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The meeting was held to \u201creview their state of preparedness for implementation of the loans resolution framework for Covid-19 related stress\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Nirmala Sitharaman on Thursday told banks to put in place by September 15 loan restructuring schemes to rescue all viable business units affected by&hellip;<\/p>\n","protected":false},"author":1,"featured_media":8474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54,22],"tags":[],"class_list":["post-8473","post","has-post-thumbnail","category-latest-news","category-national"],"_links":{"self":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/8473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/comments?post=8473"}],"version-history":[{"count":0,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/8473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/media\/8474"}],"wp:attachment":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/media?parent=8473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/categories?post=8473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/tags?post=8473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}