New Delhi: The finance ministry is working with the Reserve Bank of India on an extension of the moratorium period on loan repayments and borrowing as said by Finance Minister Nirmala Sitharaman on Friday.
She specifies the problems faced by the hospitality sector and ensures that the requirement should be meet and can be restructured the process and moratorium. She said while addressing members of the industry chamber FICCI "I fully understand the requirements of the hospitality sector on the extension of the moratorium or restructuring. We are working with RBI on this”
She also said, "Reciprocity is a very critical point in our trade negotiations". Going with PM Modi's statement in the recent meet with bank officials Sitharaman also said banks cannot refuse credit to MSMEs covered under the emergency credit facility. "If refused, such instances must be reported. I will look into it," she said.
Giving the view on this topic RBI governor Shaktikanta Das said the industries must find new ways to fund infrastructure projects because banks are facing such struggle with bad loans and would not be able to fund them.
Posted Date : 31-07-20
Categories : BANK NEWS