March 18, 2020 / 10:00 AM / 16 days ago

India govt, Central Bank mull relaxing bad loan rules for sector hit by coronavirus

NEW DELHI, March 18 (Reuters) - India’s government and central bank are considering giving relief to banks, aviation and other hospitality sectors hit by the coronavirus outbreak by relaxing bad loan classification rules, a source familiar with the matter said.

The government is discussing increasing timeline by 30-60 days to classify a loan as a bad loan, the source said. Currently, a debt not serviced for 90 days is classified as a bad loan. (Reporting by Aftab Ahmed; Editing by Alex Richardson)

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