RBI has increased the loan restructuring limit for MSMEs going through crisis from Rs 25 crore to Rs 50 crore. In the second wave of corona infection, the lockdown and corona restrictions have created a huge problem for small businesses. In a press release issued by the RBI, it has been said that under the Resolution Framework 2.0, it has been decided to widen the scope of loan restructuring to benefit more and more borrowers. Therefore, instead of 25 crores, restructuring of loans up to 50 crores can be done.
RBI said, big relief for small businesses
RBI has said that this will provide relief to individual customers of MSME and non-MSME small business and business loans. Under restructuring, banks change the existing loan terms for the convenience of the customers. In this way, more time is given to repay the loan. Along with this, the frequency of interest liability is also changed under the prescribed conditions. This is done when there is a risk of default of the borrowers. The government wants MSMEs not to default. Since this sector gives maximum employment, RBI is also trying to provide easy loan for this and give relief in repayment.
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Earlier, loan restructuring up to Rs 25 crore was announced
On May 5, the Reserve Bank had announced the Resolution Framework 2.0, which gives relief to MSMEs. The second wave of COVID has badly affected small businesses. Therefore, the RBI decided to increase the scope of loan restructuring to bring them back on track. Under this, a restructuring facility was announced for the loans of up to Rs 25 crore of businessmen and MSMEs who did not take advantage of this scheme earlier. Now it has been increased to Rs 50 crore.
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