Indian banks look to RBI to restructure $40 billion in bad loans to travel and tourism firms

Indian banks have reached out to the Reserve Bank of India (RBI) to restructure loans worth Rs 3 trillion ($40 billion) given to companies in stressed sectors such as aviation, hospitality and tourism and commercial real estate fearing a rise in non-performing loans from COVID 19. The breakdown for aviation is not year yet clear but the($40 billion requested accounts for more than 2.5% of the total loans worth Rs 91.53 lakh crore ($1.2 trillion) in the banking system, said a senior executive at State Bank of India, speaking to Reuters. This comes at a time when the government has also allowed