ENA Economy 2019-02-11 06:21:22 <p><strong>New Delhi, Feb 11 (KNN) </strong>The Reserve Bank of Indias (RBI's) restructuring package for small businesses announced last month will help recast Rs 1 lakh crore of loans for 7 lakh eligible micro, small and medium enterprises (MSMEs), said a top government official.</p> <p>Speaking at a post-budget interactive meeting with industry captains, Secretary of Department of Financial Services (DFS), Rajiv Kumar said, As many as 7 lakh MSME units need restructuring.</p> <p>They all can be restructured till March 2020 without downgrading the asset and Rs 1lakh crore worth loans will get restructured, he added.</p> <p>He further stated that the scheme would help free up additional resources, which would fuel demand and create further opportunities in the industry.</p> <p>As a New Year gift to MSMEs, RBI decided to permit a one-time restructuring of existing loans to MSMEs that are in default but 'standard' as on January 1, 2019, without an asset classification downgrade.</p> 22022 https://knnindia.co.in/news/newsdetails/economy/rbi-restructuring-package-for-small-businesses-to-help-7-lakh-msmes-fin-sec 2019-02-11 06:21:22 knnindia.co.in