The Reserve Bank of India (Trade Relief Measures) Directions, 20251 (“RBI Directions”) was issued last November to cushion exporters from the trade disruptions caused by global headwinds and to ensure the continuity of viable businesses.
This RBI Direction applies to Non-Banking Financial Companies (“NBFCs”) including Housing Finance Companies (“HFCs”), Commercial Banks, Primary (Urban) Co-operative Banks, State Co-operative Banks and Central Co-operative Banks (collectively referred as “REs”). The major compliances under the Directions are-
1. Framing a Policy:
A policy has to be formulated by the REs for providing relief measures to borrowers in specific sectors (detailed below), including the objective criteria for considering the reliefs, which they are obligated to disclose in the public domain.
