Lenders led by SBI seek more time from RBI to restructure VOVL debt

Lenders led by the State Bank of India (SBI) are seeking dispensation from the Reserve Bank of India (RBI) to restructure the debt of VOVL, formerly known as Videocon Oil Ventures Ltd, according to three people aware of the matter. VOVL is one of the 32 NPA accounts falling under the purview of the Reserve Bank of India’s 12 February circular, which asked banks to put in place a resolution plan within 180 days of the first default.