RBI aligns NBFC loan restructuring rules with banks

MUMBAI Thu Jan 23, 2014 7:10pm IST

A worker cleans the stairs of the Reserve Bank of India (RBI) building in Kolkata December 18, 2013. REUTERS/Rupak De Chowdhuri/Files

A worker cleans the stairs of the Reserve Bank of India (RBI) building in Kolkata December 18, 2013.

Credit: Reuters/Rupak De Chowdhuri/Files

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MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Thursday that rules for restructuring loans by non-banking financial companies will be the same as those of banks.

The key provisions include that the relaxation or extension of commencement of projects will not amount to restructuring for infrastructure, non-infrastructure and corporate real estate projects, the Reserve Bank of India said in a statement.

The central bank also said a special classification benefit will be provided to corporate debt restructuring cases, including small and medium enterprises, until the end of March 2015.

(Reporting by Aditi Shah; Editing by Subhranshu Sahu)

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