₹18,500 cr. debt to be repaid in three months: MFIs tell RBI
Sa-dhan suggests direct lending by the regulator
- With banks declining to extend a moratorium to non-banking finance companies and micro-finance institutions, micro-lenders have informed the Reserve Bank of India that they have to repay a debt of ₹18,500 crore in the next three months.
- Though the NBFCs have extended loan moratorium to their customers, in the absence of a similar benefit from their lenders, that is commercial banks, they are staring at a potential liquidity crisis.
- Sa-dhan urged that the moratorium be extended until June 30, 2020, as March payments were mostly done by customers.
- The lender sought relaxation on asset classification norms for another three months, that is, up to September 30, 2020.