Indian Chamber of Commerce welcomes RBI new restructuring guidelines for MSME
- Country:
- India
The local chapter of the Indian Chamber of Commerce and Industry Friday thanked RBI for releasing guidelines on restructuring of loans to MSMEs (micro, small and medium enterprises) which contribute 50 per cent to the manufacturing sector. RBI has decided to permit a one-time restructuring of existing loans not exceeding Rs 25 crore to MSMEs which would be a big relief to financially-stressed MSMEs, chamber president V Lakshminarayanasamy said in a release here.
Stating that the RBI has taken the decision by understanding the structural bottlenecks and factors affecting the performance of the MSMEs, he expressed happiness that the government and the RBI have considered the importance of the MSMEs in the economy. The MSMEs in the exporting sectors which were affected due to demonetisation and implementation of GST would be benefited by the move, he said. That a provision of five per cent in addition to the provisions already held shall be made in respect of accounts restructured under this scheme is also a welcome move, he said.
(With inputs from agencies.)
- READ MORE ON:
- Industry
- Telecommunications industry
- Chemical industry
- Crore
- Advanced Micro Devices
- Press release
- Indian Chamber of Commerce
- releasing guidelines
- PTI nvm
- restructuring of loans
- NVG NVG
- Trade body thanks RBI
- president V Lakshminarayanasamy
- micro
- existing loans
- release
- stressed MSMEs
- big relief
- one-time restructuring
ALSO READ
Scathing federal report rips Microsoft for shoddy security, insincerity in response to Chinese hack
Gut bacteria and the immune system: How aging changes the microbiome and can lead to ‘inflammaging’
Google Pixel April 2024 update released: Here's what's new
Vanchit Bahujan Aghadi releases third list of five candidates for Lok Sabha elections in Maharashtra
Artificial Intelligence Thriller "IRaH" Awaits Pan-India Release Following Censor Delay