Finance Minister Nirmala Sitharaman held a review meeting with the heads of Scheduled Commercial Banks and NBFCs through Video Conferencing today to review their preparedness for implementation of the loan resolution framework for COVID-19 related stress. During the meeting, Ms Sitharaman impressed upon the lenders that as and when moratorium on loan repayment is lifted, borrowers must be given support. She said COVID-19 related distress must not impact the lenders’ assessment of their creditworthiness.
The Finance Minister also emphasised that resolution schemes must be rolled out by lenders by 15th September and a sustained media campaign to create awareness be carried out. She advised lenders to ensure that regularly d FAQs on the resolution framework are uploaded on their websites in Hindi, English and regional languages, and also circulated to their offices and branches.
The lenders assured that they are ready with their resolution policies, and they will comply with the timelines stipulated by the Reserve Bank of India.
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