NBFC body Finance Industry Development Council (FIDC) has requested approval for teaser kind of one-time restructuring scheme for all loans without provisioning, in a meeting with finance minister Nirmala Sitharaman via video-conference on Friday.
NBFC body seeks teaser kind of one-time loan restructuring scheme
By: FE Bureau | Published: May 30, 2020 4:15 AM
NBFC body Finance Industry Development Council (FIDC) has requested approval for teaser kind of one-time restructuring scheme for all loans without provisioning, in a meeting with finance minister Nirmala Sitharaman via video-conference on Friday.
The industry body has requested permission for staggered equated monthly installments (EMI) plan starting with lower EMIs from July, and possibly higher amount later.
The industry body has requested permission for staggered equated monthly installments (EMI) plan starting with lower EMIs from July, and possibly higher amount later.
Non-banking finance companies (NBFCs) body Finance Industry Development Council (FIDC) has requested approval for teaser kind of one-time restructuring scheme for all loans without provisioning, in a meeting with finance minister Nirmala Sitharaman via video-conference on Friday, sources close to the development told FE.
The industry body has requested permission for staggered equated monthly installments (EMI) plan starting with lower EMIs from July, and possibly higher amount later, the source added. The loans with lower initial payments, which rise later during the tenure, were termed as teaser loans by Reserve Bank of India (RBI) in 2008.