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| Loans for corporate not for small business: Citizen's Forum | | | Early Times Report
JAMMU, Nov 28: Citizen's Forum appealed LT. Governor G C Murmu to take up the issue of helping the small business and MSME in providing loans to them by the Banks in Jammu as promised by the Prime Minister to meet the great business depression in the country and particularly in this UT because of the prevailing conditions.
R K Chadha President Citizen's Forum said it is understood that Center Government is considering Rs. 42000 crores help to Airtel and other Telecom Companies as bailout package from their fiscal crises due to a big loss of Rs. 35000 crores by AirTel alone, but nothing for the small business and MSME who are suffering from soaring debts and paying interest and installments from their savings to the Banks in this Union Territory. Banks are charging penal interest from defaulter account holders, instead of helping the consumers to tide over their financial crises, as announced by RBI, by reducing the interest 6 times in this financial year.
He further said that Forum took up the matter of deferring the payment of loan installments for 6 months with former Governor Satya Pal Malik and the chief secretary called the meeting of State Bankers association and announced 90 days extension of loan payment but till date it is not implemented. Now we need 6 months extension of loan payments as the conditions of this Jammu and Kashmir UT has gone bad to worse so far business depression is concerned. |
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