india

‘PSBs restructured MSME loans worth ₹58,500 cr.’

‘They rejigged ₹60,000-cr. retail loans’

Public sector banks (PSBs) effected restructuring of 9.8 lakh accounts of micro, small and medium enterprises, due to the impact of the COVID-19 pandemic, amounting to ₹58,524 crore as of November 26, the government said in Parliament on Monday.

About 8.5 lakh accounts of individual borrowers, accounting for ₹60,000 crore have also been restructured.

Measures taken by the Centre and the Reserve Bank to aid retail and micro, small and medium enterprises (MSME) borrowers in the wake of the pandemic included a COVID-19 regulatory package granting moratorium of six months on payments of all instalments of term loans and deferment of recovery of interest on working capital from March 1 to August 31, 2020.

Under the Emergency Credit Line Guarantee Scheme, banks and non-banking financial firms had sanctioned loans amounting to ₹2.97 lakh crore as on 26 November, as per the reply.

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