Allow debt recast for borrowers of NBFCs: FIDC to RBI

New Delhi: The Finance Industry Development Council (FIDC) has written to the Reserve Bank seeking restructuring of stressed retail and individual borrowers of non-banking finance companies, irrespective of whether these loans have been restructured earlier.

In a letter written to the RBI Governor Shaktikanta Das, the industry body also requested loan recast for smaller NBFCs, having asset size of less than Rs 500 crore. “Considering the severe second wave of COVID-19, the retail borrowers, including the MSMEs, as also the retail and wholesale trader industry shall be in urgent need of support from the lenders, to revive their economic activities,” FIDC said requesting extension of the restructuring scheme till March 31, 2022.