Reserve Bank allowed a one-time restructuring of existing debt up to Rs 25 crore for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the micro, small and medium enterprises (MSMEs) which are facing a cash crunch in the wake of demonetization and GST implementation.
To be eligible for the scheme, the aggregate exposure, including non-fund based facilities of banks and NBFCs, to a borrower should not exceed Rs 25 crore as on January 1, 2019, and the restructuring has to be implemented by 31st of March 2020.
Source- AIR World Service
Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:
- RBI 25th Governor: Shaktikanta Das, Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.