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Business loan, oxygen plant loan, restructuring of loans are also in the cards to combat the second wave more effectively
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Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted
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One reason could be that the higher (AAA & AA+)-rated companies could borrow cheaper from the markets than from banks whose loan pricing has been as high as 46 bps over the interest rate that corporate bonds commanded
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"The new norms will improve audit quality, avoid conflict of interest and ensure independence of auditors, which all will support financial stability"
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Finance Ministry on Sunday enhanced the scope of ECLGS, including providing concessional loans to hospitals/nursing homes for setting up on-site oxygen generation plants
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RBI had announced Resolution Framework 2.0 under which individuals and small businesses having exposure up to Rs 25 crore can opt for loan restructuring
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If the RBI maintains status quo in the key rate, it would be the sixth time in a row that the central bank kept the policy rate unchanged
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Under the ECLGS 4.0, 100% guarantee cover will be given to loans up to Rs 2 crore to hospitals, nursing homes, clinics, medical colleges for setting up on-site oxygen generation plants
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The penalty has been slapped after examining a complaint by a whistleblower regarding irregularities in the auto loan portfolio of the lender
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As per the report, public sector banks contributed 59.2% of the total value of frauds at Rs 81,901 crore, while private sector banks contributed 33.5% at Rs 46,335 crore
