...............Earlier bankers were under no time pressure to act (on the requests for debt restructuring). Banks took more time to take decisions on restructuring. In the process, six to nine months were wasted and clients’ operations suffered. The borrower was using all the working capital to service the loan. Now under the new guidelines, if the client puts in a request, banks have to respond and the RBI has put the onus on the bank. If it gets a request for debt restructuring, the bank has to give the borrower a response within 30 days by forming a Joint Lenders’ Forum (JLF)............
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