Even as the moratorium window on bank loans closes, retail borrowers may still get relief on repayment and tenure through a one-time restructuring scheme, which is in works. PSU banks are likely to implement a uniform framework for restructuring of retail loans, The Indian Express reported citing unidentified sources.
On the other hand, a framework for corporate loans will be guided by final guidelines from the RBI, the report said. After RBI Governor Shaktikanta Das announced the one-time loan restructuring facility earlier this month, Finance Minister Nirmala Sitharaman is likely to take up the issue in the forthcoming meeting with the heads of banks and NBFCs.
The proposed loan restructuring will enable banks to extend the term of retail loans by two years without increasing customers’ EMI amounts (equated monthly installments).
The banks are in the process of identifying the retail loan accounts which may require the restructuring facility, a PSU bank employee told the paper, adding that the borrowers will be given an option based on the bank frameworks and RBI rules.