Speaking on the announcement made by the Reserve Bank of India (RBI) on reopening of one-time restructuring for Individuals, and MSMEs till September 20, 2021.
Mahindra Finance’s Managing Director & VC, Ramesh Iyer, MD & VC, said, “The RBI’s announcement on the relief measures for small businesses, individuals, and micro, small and medium enterprises couldn’t have been more timely as the country is fighting a war against Covid -19 pandemic.”
“The individuals, small businesses and MSMEs, those having aggregate exposure of up to ₹25 crores and have not availed restructuring under the earlier restructuring frameworks, will be eligible to be considered under Resolution Framework 2.0. It’s an important announcement looking at the present economic landscape, this will provide as an impetus for businesses to recover from Covid -19 pandemic blues,” He added.
Adding to the statement, Iyer further said, “The RBI’s decision to rationalize certain components of the extant KYC norm this will support financial institution to operate inefficient way. With these measures in place, I am confident that as a nation we will emerge much stronger from this pandemic crisis.”
