ISO 9001:2015 Certified
closex Call Us 11-23320714, 23721504, ficci@ficci.com

 Upcoming Event
to forge a partnership on Technology Commercialization Initiative, FICCI-AMITY and IC2 Institute University

Government working with RBI on loan restructuring, says Finance Minister 

NDTV Profit , Jul 31, 2020

The government is working with Reserve Bank of India (RBI) on the industry's need for restructuring of loans to absorb the adverse impact of COVID-19 pandemic, Finance Minister Nirmala Sitharaman said on Friday. "The focus is on restructuring. The Finance Ministry is actively engaged with RBI on this. In principle, the idea that there may be a restructuring required is well taken," she said while addressing the national executive committee meeting of Federation of Indian Chambers of Commerce and Industry (FICCI). Ms Sitharaman said every step being announced is taken after exhaustive consultations with the stakeholders and within the government.

Addressing the concerns raised by FICCI members on the difficulties faced by micro, small and medium-scale enterprises (MSMEs) in taking loans under the Emergency Credit Guarantee Scheme announced by the government, Ms Sitharaman said banks cannot refuse credit to MSMEs covered under emergency credit facility.

"If refused, such instances must be reported. I will look into it," the finance minister said. She also said that work is going on the development finance institution.

Stressing on the need for reciprocity in trade deals, Ms Sitharaman said: "Reciprocal arrangements are being asked with the countries, with which we have opened up our markets. Reciprocity is a very critical point in our trade negotiations."

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

Ms Sitharaman said the Finance Ministry is working with RBI on the demand of the hospitality sector for extension of moratorium or restructuring. "I fully understand the requirements of the hospitality sector on the extension of the moratorium, or restructuring. We are working with RBI on this."

FICCI President Sangita Reddy appreciated the government's proactive approach in dealing with the situation.

"While the green shoots of recovery are being seen, sustaining this improvement in operational parameters of businesses will require continuous support from the government. The support is particularly needed in the realm of strengthening market demand and to boost demand, she said.

 

 

Also Read

Working with RBI on need for loan restructuring: FM Nirmala Sitharaman     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

In talks with RBI to extend moratorium, restructure loans: FM Sitharaman     

FM Sitharaman says banks can't refuse loans to MSMEs under emergency credit facility; warns action if reported     

Nirmala Sithraman warns banks against refusing credit to MSMEs under emergency credit facility     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: Finance minister     

Govt 'actively engaged' with RBI on loan restructuring for stressed companies     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM Sitharaman     

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

FM hints at extension of loan repayments by industries facing Covid-19 stress     

Govt-RBI move to restructure corporate loans: Sitharaman     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Finance Ministry working with RBI on need for loan restructuring, says FM Nirmala Sitharaman     

Banks cannot refuse emergency credit to MSMEs, says FM Nirmala Sitharaman     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: Sitharaman     

Govt-RBI move to restructure corporate loans: Sitharaman     

Govt working with RBI to restructure loans due to impact of Corona virus, says FM     

FinMin working with RBI on need for loan restructuring: FM     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Govt working with RBI to extend moratorium, restructure loans, says FM Nirmala Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Nirmala Sithraman warns banks against refusing credit to MSMEs under emergency credit facility     

Govt-RBI transfer to restructure company loans: Sitharaman     

Government working with RBI on Industry’s need for loan restructuring: Finance Minister Smt. Nirmala Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Centre in talks with RBI for loan restructuring     

Centre in talks with RBI for loan restructuring     

Finance Ministry working with RBI on need for loan restructuring, says FM Nirmala Sitharaman     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM Nirmala Sitharaman     

Government working with RBI on Industry's need for loan restructuring: Finance Minister Smt. Nirmala Sitharaman     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: FM     

Government is working with RBI on Industry's need for restructuring of loans due to the impact of Coronavirus: FM Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Nirmala Sithraman warns banks towards refusing credit score to MSMEs beneath emergency credit score facility     

Centre in talks with RBI for loan restructuring     

Nirmala Sithraman warns banks towards refusing credit score to MSMEs below emergency credit score facility     

Nirmala Sithraman warns banks against refusing credit to MSMEs under emergency credit facility     

Centre in talks with RBI for loan restructuring     

Indian govt in talks with RBI on loan restructuring - finmin     

Govt working with RBI to restructure loans due to impact of COVID 19: FM     

Centre in talks with RBI for loan restructuring     

Government working with RBI on loan restructuring, says Finance Minister     

Government working with RBI on loan restructuring, says Finance Minister     

Centre in talks with RBI for loan restructuring     

Nirmala Sithraman warns banks against refusing credit to MSMEs under emergency credit facility     

Govt working with RBI on loan restructuring for industries: Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Banks cannot refuse credit to MSMEs covered under emergency credit facility: Sitharaman     

Government to expand scope of Rs 3 lakh crore MSME Credit Scheme     

FinMin, RBI working on need for loan rejig: FM     

Govt working with RBI on industry's need for loan restructuring     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Govt working with RBI on industry's need for loan restructuring: FM Sitharaman     

Working with RBI on need for loan restructuring: FM Nirmala Sitharaman     

Event:

 FICCI National Executive Committee Meeting