Nirmala Sitharaman asks banks not to declare stressed MSMEs as NPAs till March next year

The government has asked banks not to declare any stressed MSME as NPA till March 31, 2020 and rework loans, says Finance Minister Nirmala Sitharaman citing RBI circular. The banks will also hold public meets with NBFCs, retail borrowers in 200 districts before Sept 29 to give credit, she added.

The Finance Minister said the government has reviewed the liquidity situation with banks and they have identified some NBFCs that they can lend to.

Sitharaman was addressing a media conference in the national capital to announce measures amid the growing debate on the economic slowdown.