Banks recasting Rs.1,300-cr loans to Goa mining sector
The Goa Chamber of Commerce and Industry (GCCI), which has intermediated the efforts to get the loans restructured, said the banks have already begun the debt restructuring process.
Canara Bank, which has an exposure of R37 crore, has already begun recasting the loan, while Corporation Bank is also in the process of loan recast, the chamber said.
“The RBI during a recent meeting of the empowered committee in Goa had told the banks that they had no objections for restructuring the debt of the mining industry if they are based on the prescribed guidelines,” GCCI president Manguirish Pai Raikar said.
According to a rough estimate, banks have around R1,300-crore exposure to the troubled industry.
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