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16 June 2021
08:36 hour

UCO Bank extends relief under RBI's new resolution framework to over 2,000 borrowers

Money Works 4 Me

08/06/2021 - 22:56

The restructuring is part of its efforts to supplement the government's effort to combat the second wave of COVID-19


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Related headlines:

  1. How RBI’s Resolution Framework 2.0 can help MSMEs tide over Covid mess; is Udyam registration required? (01/06/2021 - Financial Express)
    For borrowers who had availed restructuring under Resolution Framework 1.0, RBI Governor Shaktikanta Das had allowed lenders to modify their plans to increase the period of the moratorium and/or extend the residual tenor up to a total of two years. Borrowers were permitted a moratorium of less than two years under the first framework.
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  2. Loan recasts: Small borrowers get fresh relief from RBI (06/05/2021 - Financial Express)
    Individuals and small businesses with loans of up to Rs 25 crore who have never undergone restructuring before and who were classified as standard as on March 31, 2021, shall be eligible under the new scheme, titled resolution framework 2.0.
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  3. Half of Crisil-rated mid-sized cos eligible for restructuring 2.0 (06/05/2021 - Financial Express)
    Last fiscal, a third of the aforesaid SMEs had cushioned their liquidity by availing of the RBI moratorium on bank loans. This relief was complemented by a bounce-back in demand, which limited the number of companies that had opted for restructuring under the resolution framework 1.0.
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  4. NerdWallet: Why 6 million unlucky borrowers can’t get student loan relief (22/03/2021 - Market Watch)
    Here’s why some Federal Family Education Loan borrowers aren’t receiving relief and what they can do to cope with their loan debt.
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  5. : Feds announce COVID-related assistance for disabled student loan borrowers, falling short of relief urged by advocates (29/03/2021 - Market Watch)
    Advocates have been calling on the Biden administration to automatically cancel the debt of borrowers who are entitled to relief under the disability discharge program
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  6. Reserve Bank expands resolution framework 2.0 coverage to Rs 50 crore (04/06/2021 - Financial Express)
    With the ceiling now doubled, MSMEs with a ‘standard’ classification as of March 31, 2021, can approach the lenders to help ease the parameters of repayment.
    [visit article]
  7. Reserve Bank expands resolution framework 2.0 coverage to Rs 50 crore (04/06/2021 - Financial Express)
    With the ceiling now doubled, MSMEs with a ‘standard’ classification as of March 31, 2021, can approach the lenders to help ease the parameters of repayment.
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  8. RBI removes IDBI Bank from PCA framework (11/03/2021 - Money Works 4 Me)
    Reserve Bank of India has removed IDBI Bank from its enhanced regulatory supervision or PCA framework after a gap of nearly four years on improved financial performance
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  9. : Biden administration to cancel $1 billion in student-loan debt held by scammed borrowers (18/03/2021 - Market Watch)
    Borrowers who requested loan forgiveness but got only partial relief under former Secretary of Education Betsy DeVos will have their debts wiped away.
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  10. : 1 million borrowers ‘ignored by Washington’ now eligible for COVID-related pause on student debt and collections (30/03/2021 - Market Watch)
    Millions of federal student-loan borrowers are still ineligible for COVID-19 era relief.
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  11. IDBI share price zooms 17%; lender exits RBI’s PCA framework as balance sheet improves (12/03/2021 - Financial Express)
    The Reserve Bank of India (RBI) on Wednesday evening said that IDBI Bank has been taken out of the prompt corrective action (PCA) framework, subject to specific conditions.
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  12. Insolvency resolution Bad bank to deepen IBC use: IBBI chairman MS Sahoo (08/02/2021 - Financial Express)
    Asked if the so-called bad bank, proposed in the Budget-2021-22, will in any way reduce the attractiveness of the insolvency and bankruptcy code (IBC) as a tool for bad debt resolution, Sahoo said, on the contrary, it will deepen the use of the Code.
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  13. Bad bank to deepen IBC use; special insolvency framework for MSMEs in the works: IBBI chairman Sahoo (09/02/2021 - Financial Express)
    MS Sahoo, the chief of the insolvency regulator IBBI, explains why the Budget proposals for a special insolvency framework for MSMEs as well as a 'bad bank' led by lenders are important.
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  14. : 90% of borrowers who claim they were scammed by their schools were denied relief (22/03/2021 - Market Watch)
    The results come from an analysis of government data by Harvard Law School’s Project on Predatory Student Lending.
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  15. Union Bank of India to acquire 9% stake in NARCL (08/06/2021 - Money Works 4 Me)
    Bad bank refers to a financial institution that takes over bad assets of lenders and undertakes resolution
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  16. Cox & Kings may head for liquidation (02/03/2021 - Financial Express)
    “In this 14th meeting of the committee of creditors, the resolution for liquidation of the company was put to vote through e-voting as resolution plan was not submitted by any of the prospective resolution applicants despite repeated efforts, ” the company said.
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  17. Pre-packaged insolvency resolution under IBC for MSMEs: Challenges that may arise in implementation (15/05/2021 - Financial Express)
    The Pre-Package Insolvency Resolution Process (PPIRP) aims at revival of Micro, Small and Medium Enterprises (MSMEs) through submission of Base Resolution Plan along with the other data by the corporate applicant.
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  18. No interest on interest lockdown loan moratorium, rules SC; refuses to extend relief (23/03/2021 - Financial Express)
    The Supreme Court further directed banks to credit or adjust the amount already charged by them from borrowers.
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  19. Companies in liquidation: How resolution plan in CIRP differs from scheme of compromise under Companies Act (29/05/2021 - Financial Express)
    The Insolvency and Bankruptcy Code, 2016 (IBC Code) enacted on May 28, 2016, provides for invitation of resolution plans from Prospective Resolution Applicants (PRAs) for revival of the corporate debtor
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  20. RBI extends risk-based internal audit system to housing finance firms (12/06/2021 - Financial Express)
    In February this year, RBI had issued a circular mandating the RBIA framework for select non-banking financial companies (NBFCs) and urban co-operative banks by March 31, 2022.
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  21. Number of SMEs going for restructuring 2.0 could be lower as Covid maybe contained over 3 months: Crisil (09/05/2021 - Financial Express)
    MSMEs with aggregate exposure of up to Rs 25 crore would be eligible for consideration under the Resolution Framework 2.0 provided they have not availed of restructuring under any of the earlier restructuring frameworks and were classified as standard accounts as of March 31, 2021.
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  22. Loan Moratorium: ‘No full interest waiver, longer relief’ (23/03/2021 - Financial Express)
    Banking stocks rally on SC order; compound interest waiver extended to all borrowers, to cost govt `7.5k cr extra
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  23. Capitol Report: CFPB moves to avert a wave of foreclosures (05/04/2021 - Market Watch)
    The Consumer Financial Protection Bureau is moving to strengthen protections for struggling mortgage borrowers, including those with non-federally backed loans who have so far been excluded from nationwide Covid-related relief.
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  24. Govt may have to pay up to Rs 7,500 crore for compound interest on large loans (23/03/2021 - Financial Express)
    Analysts at rating agency Icra said that the relief already extended to borrowers with loans up to Rs 2 crore has cost the exchequer an estimated Rs 6,500 crore.
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  25. RBL Bank targets more small businesses after tie-up with Tide (07/04/2021 - Money Works 4 Me)
    The tie-up will be a win-win for both the organisations and the lender will be able to attract more SME borrowers
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  26. Don’t give in to airports’ Covid-relief demand (07/06/2021 - Financial Express)
    The govt must go by the force majeure clause in the ODMA with the Delhi Airport, which has nothing on cash relief. Indeed, such relief will create copycat demands from other PPP partners
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  27. Market Extra: Here’s why bond investors are calling for the Fed to give banks relief on capital rules (15/03/2021 - Market Watch)
    Calls are heating up for the Federal Reserve to extend relief on bank capital requirements to help prevent the near $20 trillion government bond market from coming under siege.
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  28. SC refuses approval to NBCC resolution plan for Jaypee Infra, remits it back to creditors (24/03/2021 - Financial Express)
    The top court directed that the resolution shall be completed within a period of 45 days from the date of this judgment.
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  29. RBI extends deadline to apply for umbrella entity on retail payments (26/02/2021 - Financial Express)
    In August last year, RBI had released a framework for authorisation of an umbrella entity for retail payments in the country and had invited applications from desirous entities by February 26, 2021.
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  30. : Student loan servicer Navient illegally deceived borrowers, judge finds (05/03/2021 - Market Watch)
    Borrowers and their parents and grandparents were among those who suffered when Navient violated a state consumer protection law, the court ruled.
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  31. : Student loan servicer Navient illegally deceived borrowers, judge finds (05/03/2021 - Market Watch)
    Borrowers and their parents and grandparents were among those who suffered when Navient violated a state consumer protection law, the court ruled.
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  32. Northern Arc raises $25 m in debt financing from Dutch development bank (10/04/2021 - Financial Express)
    Microfinance borrowers in both urban and rural areas will be key beneficiaries of FMO’s investment.
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  33. PNB expecting to recover Rs 3,800 crore from Bhushan Power and Steel under debt resolution (08/02/2021 - Money Works 4 Me)
    Besides, the city-based lender also hopes to make good recovery of its exposure in crisis-hit DHFL, which is undergoing a resolution process currently
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  34. Home loan tax incentives you need to be aware of (05/03/2021 - Financial Express)
    Reduction in the recent home loan interest rates will benefit new borrowers as the rate cuts will only be applicable for them and not to the existing borrowers.
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  35. RBI move positive for home loan borrowers, say industry experts (04/06/2021 - Financial Express)
    The continuation of the low interest rate regime works very well for home loan borrowers as the environment of high affordability is likely to continue for some more time.
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  36. An aspirational journey for India’s underdeveloped pockets (02/03/2021 - Financial Express)
    The three-year-old Aspirational Districts Programme—following a triple-C framework of convergence, collaboration and competition—has set an example for state governments to extend this template of development to the block or gram panchayat level. The ADP extends evidence-based policymaking to 112 ‘aspirational districts’, monitors these on 49 KPIs and 81 data points, and ranks these across multiple sectors every month
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  37. Insolvency ordinance: Govt amends Insolvency and Bankruptcy Code, brings in ‘pre-pack’ resolution scheme for MSMEs (06/04/2021 - Financial Express)
    New scheme to yield faster resolution, cut costs and reduce litigation
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  38. Corporate insolvency: Making the resolution process better (19/02/2021 - Financial Express)
    Noting the surprisingly low number of the IBC Section 19 applications, the section should be amdended to provide for pinching penalties to corporate debtor for not cooperating with the resolution professional
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  39. UP Budget Session: Resolution passed to name Ayodhya airport after Lord Ram; details (25/02/2021 - Financial Express)
    The resolution was tabled a day after an amount of Rs 101 crore was proposed in the annual state budget for the airport along with other development projects that included beautification of the temple town.
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  40. Parliament panel suggests systemic review of financial system by RBI (18/03/2021 - Financial Express)
    The committee said that the resolution of IL&FS remains sub judice before the National Company Law Appellate Tribunal and delays in the resolution process not only cause a steep value erosion for bankers and other creditors, but also makes an understanding of the lacunae in the system elusive.
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  41. IDFC FIRST Bank launches Customer COVID relief Ghar Ghar Ration Program (11/06/2021 - Financial Express)
    The bank has also announced a comprehensive program for the families of employees who unfortunately lost their lives due to COVID-19.
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  42. DHFL resolution: Consider Wadhawan’s offer, NCLT tells lenders (20/05/2021 - Financial Express)
    Later, the regulator superseded DHFL’s board and referred it to NCLT for resolution. DHFL has admitted claims of Rs 87,120 crore.
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  43. RBI committee on ARCs invites stakeholders’ views and suggestions (28/04/2021 - Financial Express)
    Last year, the ARC association and lenders like State Bank of India (SBI) had sought clarifications from RBI on the involvement of these entities in resolution plans under the Insolvency and Bankruptcy Code (IBC).
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  44. Pre-pack insolvency scheme takes effect (09/04/2021 - Financial Express)
    The new scheme, which allows only debtors to file for their own bankruptcy with the approval of financial creditors having 66% of voting power, will yield much faster resolution than the extant corporate insolvency resolution process (CIRP) and cut costs, analysts reckon.
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  45. Tata Steel subsidiary’s resolution plan for Rohit Ferro-Tech filed with NCLT (07/06/2021 - Financial Express)
    The committee of creditors (CoC) approved the Tata Steel Mining resolution plan last Saturday with the requisite majority.
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  46. NerdWallet: Mortgage refinancing initiative to help lower-income borrowers (28/04/2021 - Market Watch)
    The federal regulator of Fannie Mae and Freddie Mac is expected to unveil a new program Wednesday aimed at helping more households lock into historically low interest rates, targeting lower-income borrowers who have missed out on the refinancing boom of the past year.
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  47. Cryptos: Bitcoin has moved from trendy to tacky, says Deutsche Bank analyst (20/05/2021 - Market Watch)
    Karl Lagerfeld's assertion that "trendy is the last stage before tacky" may be a useful framework for analyzing bitcoin, according to Deutsche Bank analyst and Harvard University lecturer Marion Laboure.
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  48. Cryptos: Bitcoin has moved from trendy to tacky, says Deutsche Bank analyst (20/05/2021 - Market Watch)
    Karl Lagerfeld's assertion that "trendy is the last stage before tacky" may be a useful framework for analyzing bitcoin, according to Deutsche Bank analyst and Harvard University lecturer Marion Laboure.
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  49. RHFL defaults on around Rs 100-cr repayments in December (26/02/2021 - Financial Express)
    Lenders had earlier signed inter-creditor agreement (ICA) to resolve Reliance Home Finance as per June 7, 2019, circular of the Reserve Bank of India. However, no final resolution has been reached so far.
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