Recast of individual loans due to coronavirus: Who\, how and when

The Reserve Bank of India (RBI) has issued guidelines for recast or resolution of loans taken by individual borrowers who are facing financial difficulties due to the Coronavirus pandemic. Banks have to formulate their own policies on recast of such loans on the basis of these guidelines. The guidelines clarify what kind of personal loans are covered and the types of resolution plans that can be offered to the borrowers by banks.