Centre Discussing With RBI on One-time Loan Restructuring For Stressed Companies


Chennai: Union Finance Minister Nirmala Sitharaman on Thursday said the government is discussing with the Reserve Bank of India (RBI) for loan restructuring of companies which are stressed owing to the Covid-19 pandemic. Also Read – Centre Brings Cooperative Banks Across India Under RBI Supervision, to Issue Ordinance Soon

Speaking at a webinar organised by the Chennai International Centre (CIC), Sitharaman said that discussions are on with the RBI on the matter of one-time restructuring of loans. Also Read – Plenty of Liquidity Available in The System: SBI Chairman

She also said that discussions are on with the RBI and the banks as to why the interest rate reductions are not passed on to the customers. Also Read – ‘Govt Meticulously Mapped Migrant Skills,’ Says Nirmala Sitharaman on 50,000-crore Garib Kalyan Rojgar Abhiyaan

According to her, the reasons for banks not fully passing on the benefit of interest rate reductions are not convincing.

Sitharaman said the government will also consider providing an emergency line of credit to individual owners of businesses while a decision on the suggestion to offer collateral free credit based on pending Goods and Services Tax (GST) bills will be deliberated upon.

Presently the Rs 3 lakh emergency line of credit is being offered to Micro, Small and Medium Enterprises (MSMEs).

She also urged the Indian industries to introspect on how businesses are run and on how the ‘Aatmanirbhar Bharat’ mission could be realised to its full potential.

Pointing out the active pharmaceutical ingredients (APIs) for example, Sitharaman said that India is a big market and they should be manufactured in the country without depending on one or two countries.


Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Cadillac Super Bowl ad: Winona Ryder and Timothée Chalamet...

A 60-second Super Bowl ad for Cadillac stars Timothée Chalamet, as Edward Scissorhands's son,...

Boeing To Combine Production Of 787 Jet In South...

Boeing said Thursday that it will consolidate production of its two-aisle 787 jetliner in...

Lucknow municipal body’s Rs 200 crore bond listing on...

Lucknow: Uttar Pradesh Chief Minister Yogi Adityanath will attend the listing ceremony of the...

Council Post: The High Cost Of Working From Home:...

As a Founder and the CEO of Vari, my mission is to help companies create...