The loan moratorium facility for the borrowers affected by the Covid-19 pandemic expires on 31 August. Finance Minister Nirmala Sitharaman will hold a meeting with bank chiefs on September 3 to facilitate the loan holders on outstanding payments. In this, the bank-NBFC will be asked to implement the scheme smoothly.
In a statement released on Sunday, the Finance Ministry said that this review meeting is being held to save the businessmen and individual borrowers from the capital crisis. It will discuss the finalization of policies and how to implement them properly in banks, identify eligible borrowers, and implement the scheme faster and overall.
Along with this, the finance minister will also negotiate with the top management of banks and NBFCs on the Kovid-19 risky debt settlement framework and its better implementation. The Reserve Bank had approved restructuring of corporate and retail loans to banks after a meeting of the Monetary Policy Committee earlier this month.