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Focus is now on loan restructuring: FM
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SME Times News Bureau | 01 Aug, 2020
As the economy goes through a
severe slowdown, which is likely to impact businesses further, Finance
Minister Nirmala Sitharaman on Friday said that the government's focus
is now on loan restructuring and talks are underway with the Reserve
Bank of India (RBI) on this.
"The focus is on restructuring. The
Finance Ministry is actively engaged with the RBI on this. In principle,
the idea that restructuring may be required is well taken," Sitharaman
said at a FICCI webinar.
Of late, several industry players and
bodies have sought a one-time restructuring of loans in the wake of the
economic slowdown caused by the Covid-19 pandemic, and the probability
of companies not being in a position to repay their dues.
The
Finance Minister said that every step taken by the government to deal
with the current situation has been undertaken after exhaustive
consultation with the stakeholders and industry experts.
She also
noted the requirement of extension of the moratorium or a restructuring
for the hospitality sector and said that the government is working with
the RBI on that front.
"I fully understand the requirements of
the hospitality sector on extension of the moratorium or restructuring.
We are working with RBI on this," Sitharaman said.
On the ECLGS
scheme for MSMEs, she said that banks cannot refuse credit to MSMEs
covered under emergency credit facility and in case of any refusal, such
instances must be reported which she would look into.
On the
trade front, she said that reciprocal arrangements are being considered
with other countries for which India has opened up its markets.
"Reciprocity is a very critical point in our trade negotiations," she
said.
India is in the midst of talks for a trade deal with the US and also regarding FTAs with other countries.
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