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In what could come as a huge relief to borrowers, Finance Minister Nirmala Sitharaman has pointed out that the Centre is in talks with the Reserve Bank of India (RBI) on a one-time restructuring of loans to provide relief to companies that are reeling under stress due to the economic fallout of the COVID-19 pandemic.
The Centre is also looking at why the benefits of repo rate reductions were not being passed on to customers. The finance Minister has also indicated that the benefits of the emergency credit line guarantee scheme would now be extended to individual borrowers.
Moneycontrol's Sakshi Batra shares more details on the issues addressed by Finance Minister Nirmala Sitharaman and what borrowers can expect from it.