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FIDC seeks relief measures in wake of second Covid wave - The Hindu BusinessLine

FIDC seeks relief measures in wake of second Covid wave
April 27, 2021
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Seeks restructuring of loans taken by small NBFCs having asset size of less than ₹500 crore
Concerned about the impact of the second wave of Covid-19 infections, Finance Industry Development Council has sought relief measures including restructuring for retail and individual borrowers of non banking financial companies (NBFCs).
In a representation to Reserve Bank of India Governor Shaktikanta Das, FIDC has asked that borrower accounts, irrespective of whether or not they had been restructured earlier and if they are standard accounts as on March 31, 2021, may be allowed restructuring without any downgrade in asset classification, subject however to the lending NBFCs undertaking fresh credit assessment of the borrowing entity. ....

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Restructure retail & individual loan accounts, liquidity support: FIDC to RBI

Synopsis
The body in a letter addressed to Shaktikanta Das, Governor of RBI, said this was for the interests of retail NBFCs who “primarily cater to the funding needs of MSMEs, truck/taxi drivers, machine operators and marginal farmers and provide loans for acquiring the vehicles/tractors/equipments for productive purposes.
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The second wave has already started impacting industry, with the self-employed having little or nothing to fall back upon.
The Finance Industry Development Council ( FIDC) a Representative Body of Non Banking Financial Institutions (NBFCs) has called upon the Reserve Bank of India to allow a one time restructuring of customer loan accounts, even those restructured in the covid wave one and now standard & standstill on buckets for restructured accounts for Q1FY22. ....

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Welcome To IANS Live - BUSINESS - NBFC body urges RBI to allow loan restructuring

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Mumbai, April 27 (IANS) The Finance Industry Development Council (FIDC) has written to the Reserve Bank of India (RBI) seeking permission to restructure loans given by NBFCs in the wake of the deep Covid crisis.
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Update: 27-April-2021 ....

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My 1983 Mahindra CJ 500D Restoration Project

Suspension: Front & Rear Leaf Springs
Inspired by popular automobile restoration television shows like counts kustoms, counting cars, Leepu and Pitbull, etc. I had planned to restore and customize the entire jeep myself initially. Moreover having worked with my college club Team Predators Racing, my enthusiasm was doubled.
Finding spare parts was a challenge in itself and the closing down of shops, unavailability of parts, etc due to the ongoing pandemic had lessened the chances of quicker procurement. Luckily I found a jeep mechanic close to M.S.E.B. Power House Circle, Rastapeth, Pune who guided me to where I can purchase spares from. Suleman Arab a.k.a. Arab chacha was impressed to know that I d been working on my jeep myself and gave me a short history lesson dating back to the WW2 explaining how the first american jeeps by Willys Overland Motors had entered the Indian markets post war. ....

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'We Bought A House For $1'

We had a choice of four houses and, in the end, we actually chose the one that was the most run-down. It just happened to be the one that impressed us the most. ....

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