Nirmala Sitharaman in a blue shirt

© Shubhangi Gupta | Business Desk

New Delhi: Finance minister Nirmala Sitharaman is currently holding a review meeting with heads of banks and NBFCs for smooth and speedy implementation of the one-time debt recast for resolution of COVID-related stress in bank loans. As per sources, the progress of Emergency Credit Line Guarantee Scheme (ECLGS) and Credit Guarantee Scheme for Subordinate Debt, among others, would be reviewed in the meeting. “The review (meeting) will focus on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation,” the finance ministry had said earlier this week. The Reserve Bank of India (RBI) last month permitted one-time restructuring of both corporate and retail loans without getting classified as a non-performing asset (NPA). Banks are in the process of