Indias central bank unveiled fresh measures on Wednesday to help lenders tide over mounting bad loans and give some borrowers more time to repay their debts, as surging COVID19 infections trigger strict lockdowns in several states.

The announcement by Reserve Bank of India Governor Shaktikanta Das came as the health ministry reported a record number of daily coronavirusrelated deaths and more than 300,000 new infections for the 14th straight day.

The debt moratorium will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, Das said in an unscheduled virtual address.

Small businesses and financial entities at the grassroot level are bearing the biggest brunt of the second wave of infections, Das said, as he announced several measures to enhance liquidity and boost lending to various needy sectors.

The moratoriums will be applicable to borrowers with a maximum total exposure of 250 million rupees 3.39 million, Das said.

About 90 of the total borrowers fall under this limit so the restructuring can provide benefits to a large number of borrowers. We think these measures are enough for now, said Sunil Mehta, chief executive officer of Indian Banks Association.

During the last financial year, the RBI had introduced a onetime restructuring plan for small borrowers and companies that allowed banks to extend repayment periods for up to two years.

Around 800,000…