The Reserve Bank of India (RBI) as part of its Statement of
Development and Regulatory Policies released on 27 March 2020
announced a slew of measures to safeguard the Indian economy from
the shocks of the COVID-19 pandemic. As part of these measures, the
RBI released a circular (Ref: RBI/2019-20/ 186
DOR.No.BP.BC.47/21.04.048/2019-20) on COVID-19 – Regulatory
Package (COVID Regulatory Package) to, inter alia,
mitigate the burden of debt servicing brought about by disruptions
on account of COVID-19 pandemic and to ensure business continuity
for viable enterprises.
Key highlights of COVID Regulatory Package are set out
below:
Rescheduling of Payments – Term Loans and
Working Capital Facilities: All lending
institutions i.e. commercial banks (including regional rural banks,
small finance banks and local area banks), co-operative banks,
All-India Financial Institutions and Non-Banking Finance Companies
(NBFCs) (including housing finance companies and
