With the Reserve Bank deadline approaching, the solution to stressful loans is still far away

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Mumbai, Ta. November 15, 2019, Friday

Creditors are likely to miss a deadline of six months to find a solution for defaulting companies. If this happens, an additional Rs 1.8 trillion loans would be put at risk. In its circular issued by the Reserve Bank on June 3, this year, the banks have given the banks a seven-day review period in addition to the initial one-month review period.

Since the deadline expires in the first week of January, banks will have to make provisions in the March quarter. There are 1 to 3 companies whose debt does not seem to be resolved in this period, banking sources said.

These companies mostly include companies in the power, sugar and fertilizer sectors. In the stand-alone sector, loans worth Rs 1.8 trillion are under stress. The resolution plan has to be implemented within 7 days after the expiry of the one month review period.

The review period for the major accounts under stress has started from the date of the Reserve Bank's circular, whereas in others, the period begins on the day they first defaulted, the source added.

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