Finance Minister Nirmala Sitharaman, during a meeting on Thursday, asked banks and NBFCs to roll out loan restructuring scheme for Covid-19 related stress by September 15.
Bankers assured that they are ready with their resolution policies and have started the process of identifying and reaching out to eligible borrowers and that they will comply with the timelines stipulated by the Reserve Bank.
The RBI last month permitted one-time restructuring of both corporate and retail loans without getting classified as NPA. Restructuring benefit can be availed by those whose account was standard on March 1 and defaults should not be over 30 days.