With the loan moratorium extended by the Reserve Bank of India (RBI) on account of COVID-19 expiring on 31st August, the RBI has provided yet another breather to the corporates and individuals facing the brunt of economic fallout due to COVID-19, by introducing one-time restructuring scheme vide ‘Resolution Framework for COVID-19- related Stress’ dated August 06, 2020 (Restructuring Framework).
The Restructuring Framework has come as a window under the existing Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 (Prudential Framework), to enable the lenders, to implement a resolution plan in respect of eligible borrowers without change in ownership, while retaining the asset classification as ‘Standard’.
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