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The Reserve Bank of India (RBI) has heeded to bank requests and allowed a one-time restructuring of loans without classifying them as NPAs.
The central bank will also form a expert committee headed by former ICICI Bank CEO KV Kamath to suggest ways in which the restructuring will be implemented, governor Shaktikanta Das said.
“We have decided to provide a window for restructuring of loans without downgrading them according to the June 7 2019 circular. Care will be taken that past experience of restructuring is not repeated and enough safeguards will be followed,” Das said in his statement.
The restructuring will include companies based on ownership as well as personal loans, Das said. A detailed statement by the central bank is awaited.
Loans to micro and small enterprises will also be restructured, Das said.
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