FIDC seeks loan recast for its retail borrowers as second wave wreaks havoc

In letter to RBI, requests this be done irrespective of whether such accounts have been restructured on earlier occasions

With Covid-19 infections rising at an alarming rate in the second wave and many state administrations imposing lockdowns to curb the spread of the virus thus impacting economic activity, Finance Industry Development Council (FIDC) has written to the Reserve Bank of India (RBI) seeking recast facility for retail borrowers of shadow lenders, irrespective of whether such accounts have been restructured on earlier occasions. 

In a letter to the RBI governor Shaktikanta Das, FIDC said, “Considering the severe second wave of Covid-19, retail borrowers, including MSMEs, as also the retail and wholesale trader industry will be in urgent need of support