Roll out resolution scheme for Covid-related stress by Sep 15: FM

TIL Desk/Business/New Delhi/ Finance Minister Nirmala Sitharaman on Thursday directed banks to roll out resolution schemes for Covid-related stress by September 15.

During her interaction with the heads of scheduled commercial banks and NBFCs, through video conference, she focused on lenders immediately putting in place board-approved policy for resolution, identifying eligible borrowers and reaching out to them, said an official statement.

Sitharaman also called for quick implementation of a sustained resolution plan by lenders for revival of every viable business. She told the lenders that as and when moratorium on loan repayments is lifted, borrowers must be given support and Covid-19-related distress must not impact the lenders’ assessment of their credit-worthiness.