The restructuring package announced by Reserve Bank of India (RBI) on August 6 is aimed at helping both borrowers and bankers to tide over the challenging time, banking experts said on Wednesday.

Speaking at a webinar organised by CII, Indian Overseas Bank MD & CEO Partha Pratim Sengupta said that the recent package announced by the apex bank has plugged all the gaps of previous ones such as those related to corporate debt restructuring (CDR) and strategic debt restructuring (SDR).

He said that the previous packages had not seen much success owing to the stringent riders which came along with them.

"But the present package will benefit both the lenders and borrowers if both of them agree to restructure the accounts and there will be no need for extra provisioning by the banks," he added.

Besides the package, RBI has also permitted banks to provide additional finance to the borrowers, he said.

Sengupta said that, as everything is uncertain at the moment, banks will have to identify accounts which are viable and have a good track record.

Indian Bank Executive Director M K Bhattacharya also said that the present package is different from the previous ones.

He said that exposure to NBFCs is also a cause for concern, while lenders need to be analytical about future cash flows.