Indian banks appeal for bad loans for relief due to coronavirus

Covid-19 is not just in one country but in all over the world now. People are getting affected and the government has taken strict steps to control it and to stop the spread of Coronavirus. It also has risen the concern of fresh surge in bad loans at India’s lender.

One of the banker said-“Discussions are on at this stage and we will make a representation to the regulator to see if we can get some relief regarding non-performing asset classification in the small and medium enterprises sector,”

The two senior bankers said that the appeal to this RBI will be done through the Indian’s bank association.

If we talk about the economy, we are seeing the slowest pace in last six years due to global COVID-19 outbreak.

The chief financial officer from public sector bank said-

“Even though it is early we are beginning to see signs and as these are unprecedented times we want to ensure that we can provide some support,”

Talking about the cases in India, there are total 138 cases in India as on 17/3/2020 and among them, only 13 have recovered while 3 died. All of them were above 60.

Because of this, the tourist sites like the monuments of India and tourist places are not open and mass gathering is also being shut till 31st March.