RBI to allow loan restructuring for retail industry
August 07, 2020
The Retailers Association of India said the Reserve Bank of India’s move to allow a one-time restructuring of loans amid the ongoing COVID-19 disaster will help the retail enterprise that has witnessed considerable disruption over the past few months.
It stated banks have made massive investments inside the retail region, and if the arena struggles to get back on its feet, a vast part of that funding may want to turn into non-acting belongings. RAI additionally was hoping that the new panel that appears into one-time restructuring would make a bigger a beneficial scheme to the industry.
RAI CEO Kumar Rajagopalan said, “Permitting mortgage restructuring will aid the retail enterprise that has witnessed enormous disruption over the last few months. The modern-day retail income had been around 40 in keeping with cent of the final year”.