Centre working with RBI on need for loan restructuring: Nirmala Sitharaman

Must Read

Finance Minister Nirmala Sitharaman said the government is working with the RBI on need for restructuring loans to help industry tide over the impact of COVID-19.

“The focus is on restructuring,” she said while addressing a FICCI event.

“The Finance Ministry is actively engaged with the RBI on this. In principle, the idea that there may be a restructuring required, is well taken,” Ms. Sitharaman said.

The Finance Minister also said the decision on reducing GST rates on healthcare and other products will be taken by the GST Council.

She said the Ministry was working with the RBI on demand from the hospitality sector for extension of moratorium, or restructuring.

To help borrowers deal with the liquidity crunch during the pandemic, the Reserve Bank of India (RBI) had announced a three-month loan moratorium in March, which was later extended by another three months. Borrowers opting for loan moratorium can defer payment of the interest and principal component of the loan during this period.

On the difficulties faced by the MSMEs in taking loans under the government’s Emergency Credit Guarantee Scheme, she said: “Banks cannot refuse credit to MSMEs covered under the facility. If refused, such instances must be reported. I will look into it.”

You have reached your limit for free articles this month.

To get full access, please subscribe.

Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.

Briefing

We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

A letter from the Editor


Dear subscriber,

Thank you!

Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.

The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.

We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.

Suresh Nambath

Source link

Popular

Assam’s Dibrugarh University Teacher Arrested For Sharing Porn Video: Police

During interrogation, the accused confessed to the crime. (Representational)Dibrugarh: An assistant professor in Assam's Dibrugarh University was arrested today for allegedly uploading pornographic content...

JK Tyres suspends operations in Mysuru temporarily

JK Tyres and Industries, one of the leading tyre manufacturers in the country, has suspended operations at its facilities in Mysuru after more than...

TDS Rule Amendment : IT Department seeks more disclosure in form

NEW DELHI : After introducing new TDS (tax deducted at source) rates for high-value cash withdrawals from banks, the income tax department has now...

Donald Trump Suspends H-1B, Other Visas Till Year End

Issuing the proclamation, Trump has ignored the mounting opposition to the order (File)Washington: US President Donald Trump has issued a proclamation to suspend issuing...

Northern districts put on high alert

Northern districts of the State have been put on alert for torrential rain on Sunday also. Idukki, Wayanad, and Malappuram can expect extremely heavy...

Latest Articles