Good news for bank loan borrowers
The government has given 12 months to renegotiate with banks for 99% of borrowers with less than 25 million rupees and implement a payment plan.
Based on data from the Central Bank, borrowers between 25 and 50 million rupees have been given a 9-month extension and borrowers above that have been given a 6-month extension.
The government is in discussions with stakeholders to find suitable solutions to these long-standing problems without postponing the implementation date of the Parade Act.
In addition to the extension, the relief for businesses includes various solutions as specified by the Ministry of Economic Development.
The relief package proposed by the government includes lower interest rates, extension of loan repayment periods, relaxation in loan assessments, and transparent mechanisms to resolve assessment disputes.
These relief measures are intended to help small and medium-sized businesses make a better contribution to the economy.
