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NBFCs meet RBI seeking restructuring of all loans : Report

NBFCs meet RBI seeking restructuring of all loans : Report

India Blooms News Service | @indiablooms | 04 May 2020, 06:43 pm

Mumbai/IBNS: The Non Banking Financial Companies (NBFCs) have requested the Reserve Bank of India (RBI) to provide a one time restructuring of all loans in view of the current economic situation triggered by COVID-19 induced lockdown, a Money Control report said.

This was conveyed by NBFCs in a meeting with the top RBI officials.

The RBI has already allowed one time restructuring of loans by banks and NBFCs given to micro, small and medium industries (MSMEs), and extended the scheme to Dec 3, 2020 on Centre's request.

However, the NBFCs now want the RBI to extend this scheme to their borrowers due to strained economic environment, said the report.

The report said that the industry representatives also raised the moratorium issue with the industry as many banks are not providing moratorium to NBFCs.

The RBI announced moratorium for all term loans on March 27. While NBFCs have provided this facility to borrowers, the banks have not done the same, creating a liquidity mismatch.

The RBI Governor Shanktikanta Das and deputy governors met NBFC industry representatives on May 4 discuss liquidity issues and flow of credit.

A similar meeting was also held with banks a few days back to discuss the industry issues.