The RBI has filed an affidavit before Supreme Court in the loan moratorium case hearing and said that it’s not possible to give more time as relief for sectors hit by the coronavirus pandemic. In its fresh affidavit, the Reserve Bank of India (RBI) has told Supreme Court, “Resolution Framework issued by the Reserve Bank on August 6, 2020 is aimed at facilitating revival of real sector activities and mitigating the impact on the ultimate borrowers, which are under financial stress caused by economic fallout on account of Covid-19 pandemic. In terms of the Resolution Framework, only those borrower accounts shall be eligible for resolution which were classified as standard, but not in default for more than 30 days with any lending institution as on March 1, 2020.”
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