RBI extends deadline for restructuring of loans of MSMEs

The RBI has extended the deadline for restructuring of loans of MSMEs to March 31, 2021, the RBI however said that the restructuring provision will be available only to MSMEs that were in default but were 'standard' in March, this year and the aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed USD25 crore as on March 1, 2020