Canara Bank, which has an exposure of Rs. 37 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 told PTI.
According to a rough estimate, banks have around Rs. 1,300 crore exposure to the troubled industry. Loan servicing had been hit after mining came to a standstill in the state.
There are 22,000 trucks and 400-odd ships in the state transporting ore from different parts of Goa to the ports.
The RBI has also asked the banks to tell borrowers to opt for alternative source of business so that the loan amount does not turn into a bad debt, Raikar said, adding the borrowers would be given a breathing space till they manage alternative source of income.