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The RBI will help the people to revive the economy after the lockdown, by taking such a special scheme


The RBI will help the people to revive the economy after the lockdown, by taking such a special scheme

The government is making several efforts to get the Indian economy back on track after the Corona epidemic and lockdown. For the first time since the 2008 financial crisis, the Reserve Bank of India announced on Thursday that it would facilitate loan restructuring from companies to the general public.  Through it, airlines, hotels and steel-cement companies will also be able to restructure their loans, which are suffering due to Corona.  The Reserve Bank is constantly trying to help the people in the biggest crisis of the last 100 years.

 The loan restructuring scheme will temporarily disable the government's insolvency and bankruptcy code.  Some businesses, such as hotels, airlines and even factories, have either closed down or are producing far below their capacity.

In addition, many people are losing their jobs because of Corona. And the current situation could hurt the business for a long time.  And that is why Reserve Bank Governor Shashikant Das has decided to facilitate loan restructuring.

 The Reserve Bank has made it a rule that the bank will set aside 10 percent of the loan restructured amount so that it can fight any loss situation in the future.

The decision will require the Bagh government to provide capital to all public sector banks, which run about two-thirds of the business. An expert panel will work on the details of the scheme, which is being chaired by veteran bankers.

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 Home loan borrowers, who have availed of the Reserve Bank's moratorium, which is due to expire on August 31, were awaiting the announcement of loan restructuring from their bank or housing finance company.  Assuming that, less EMIs will have to be paid in the early years under the restructuring. The Reserve Bank's scheme will also provide an option for borrowers and to further facilitate the moratorium. The only condition is that the debt cannot be extended beyond 2 years.

In addition, those who defaulted before the announcement of Moratoria's facility in March 2020 will not get the benefit of this scheme. At the same time, the scheme will not be able to avail the financial sector units, central and state government as well as government units including municipalities.

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