Banks begin process of restructuring of loans up to Rs 25 crore

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NEW DELHI: To provide support to small businesses hit by the second coronavirus wave, banks have initiated the process of restructuring of loans up to Rs 25 crore in line with the Covid-19 relief measures announced by the Reserve Bank earlier this month.
Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted.
For example, the Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.
“In these trying times, we offer you a helping hand by extending relief as per RBI Resolution Framework 2.0 dated May 5th, 2021. If you are under financial stress caused by the Covid Second Wave, you may opt for restructuring of your account,” the message said.
Meanwhile, another public sector lender Punjab & Sind Bank said its debt recast plan as specified by the RBI has been approved by…

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