RBI Silent On Loan Restructuring
While, the central board of the Reserve Bank of (RBI) in its recently held 583rd meeting discussed the current economic situation, evolving challenges posed by the Covid 19 pandemic and the central bank’s activities during the July 2019 to June 2020 financial year, it has remained silent on whether banks’ demand for onetime restructuring of loans
Expectations that the restructuring of loans will be discussed at the RBI board meet rose after finance minister Nirmala Sitharaman said that the government is talking to RBI to allows banks for a one time restructuring of loans due to the distress caused by the Covid 19 pandemic.
The governor said RBI measures have ensured that interest rates across the board have come down. He also said the central bank has done whatever was possible till now. The meeting was chaired by governor Shaktikanta Das through a video conference and besides RBI deputy governors it included central bank directors from corporate India including Tata Group chairman N. Chandrasekaran, TeamLease chairman Manish Sabharwal and Sun Pharma MD Dilip Shanghvi. Other directors in the meeting included, Ashok Gulati, Prasanna Kumar Mohanty, Satish Marathe, Revathy Iyer, and Sachin Chaturvedi.