FM to hold review meeting with lenders on loan recast scheme

TIL Desk/Business/New Delhi/ Finance Minister Nirmala Sitharaman will hold a review meeting with the financial sector on September 3 to review their preparedness of the loan restructuring scheme to provide relief to borrowers impacted by the Covid-19 pandemic.

The finance ministry said in a statement on Sunday that the FM will “review with the top management of scheduled commercial banks and NBFCs (non-banking financial companies) the implementation of the resolution framework for Covid-19 related stress in bank loans.

”It added that the focus of the meeting will be on “enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation.”