Even though the central bank had permitted lenders to recast loans for borrowers earlier this month, the facility was limited to loans of up to Rs 25 crore
Banks have told the Reserve Bank of India (RBI) that the protracted curbs because of the second wave of the COVID-19 pandemic have resulted in significant stress on businesses and that such companies may need a restructuring of loans.
Even though the central bank had permitted lenders to recast loans for borrowers earlier this month, the facility was limited to loans of up to Rs 25 crore.
Since the measures were announced, the COVID-19 cases surged across the country, leading to several states imposing some form of lockdown.
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