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RBI to unveil COVID-19 resolution framework by 6 September 2020

Friday, 21 Aug 2020
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The Reserve Bank of India (RBI) will come out with a resolution framework for all COVID-19 related stressed accounts by 6 September 2020.

The banks can extend the moratorium by three, six or even 12 months under the one-time restructuring.

RBI has allowed banks to restructure some loans to support economic recovery and help hard-pressed individuals, companies tide over the ongoing coronavirus crisis.

RBI had set up a five-member panel under the chairmanship of former ICICI Bank Chief Executive K V Kamath on 7 August 2020 to recommend eligibility parameters for restructuring stressed loans.

Under the framework guidelines, the lending institutions may allow extension of the residual tenor of the loan, with or without payment moratorium, by a period not more than two years.

Many lenders are setting up internal groups to vet debt recast applications, and plan to divide them into two buckets -- customised and standardised -- for quicker resolution of proposals.

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