He also announced a loan restructuring scheme that is expected to help the financial services sector, which has borne the brunt of the second wave of Covid, sail over the choppy waters they find themselves in.
Customers with loans of up to $3.4 million who haven’t restructured their loans under any earlier scheme and whose loans were being serviced on schedule till March 31, 2021 can, if they so desire, restructure their loans. This window will remain open till September 30, 2021. Banks will have to restructure the loans within 90 days.
Together, these measures are expected to offer the targeted sector some respite from the ravages they have been facing over the past month and a bit and help them tide over these difficult times.
According to market grapevine, this could be the first of several such targeted measures that the government and RBI will announce in the coming weeks and months to help the Indian economy recover quickly and get back on the high growth trajectory.