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K V Kamath Committee picks 26 sectors for loan restructuring

Tuesday, 08 Sep 2020

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The Reserve Bank of India (RBI) has announced financial parameters for resolution plans under the loan restructuring scheme for companies facing COVID-19-related stress.

The K V Kamath Committee has made recommendations for 26 sectors that could be factored by lending institutions while finalising loan resolution plans. The banks could adopt a graded approach based on the severity of the Coronavirus pandemic in a sector.

The banks could extend the loan moratorium by three, six or even 12 months under one-time restructuring. The moratorium was initially granted to ease hardships faced by borrowers during the pandemic.

RBI had initially allowed lenders to grant a loan moratorium for three months on equated monthly installments (EMIs) due between 1 March 2020 and 31 May 2020. Later, it had extended this for another three months until 31 August 2020.

To manage financial stress amid the lockdown, RBI had also permitted lenders a one-time restructuring of loans without classifying these as non-performing assets.