vulnerable category of borrowers are individual borrowers, small businesses and MSMSEs”.
According to Mr Das, personal borrowers and small businesses who received loan restructuring under Resolution Framework 1.0 and whose resolution plan allowed for a moratorium of less than two years are allowed to make use of this window to change their plans to the extent of increasing the period of moratorium or increasing the duration up to a total of two years. RBI Governor had also announced in a different statement that the central bank would provide a 50,000 crore term-liquidity facility to facilitate access to funds for emergency medical services.
Shaktikanta Das expressed confidence in India’s potential in overcoming the Covid-19 crisis, adding that the RBI is closely examining the situation in the country. India’s total COVID cases have now surpassed 2 crores, making it the second highest in the list next to the United States and ahead of Brazil globally. The Governor stressed that India is battling an aggressive coronavirus war with high surge in infection cases and that all of its resources must be organized with renewed strength.
