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| Rethink 60 day default moratorium for small businesses: Citizen’s Forum | | | Early Times Report
Jammu, Apr 22: Citizen’s Forum President R K Chadha requested Finance Minister Sita Ramamn and RBI Governor to rethink Moratorium facilities allowed for only those businesses which are running in default not more than 90 and 60 days only.
No such facility for those businesses which are running in default for more than 60 days but still maintaining their unit without going into NPA. First RBI has agreed to give 35 % loans extra to the units to run and reorganize the business in Lockdown period but now it has again reduced to 10% only.
Chadha further said we understand the country is running Financial depression for the last two years as per governments own declaration, but these small business units and MSME are not responsible for this catastrophe. Banks are denying this facility to these units when these are the main sufferers since Demonetization and haphazard GST is introduced.
Small businesses and MSME is the largest sector providing jobs in the country and unfortunately it is the lowest Bank financed entity at 1.3% of loans. Even Middle sector is getting finance at maximum 4% and rest is for big and corporate sector. This small sector which is suffering default in payments more than 60 days consist of 80% as whole and Banks are providing Moratorium Facilities to 20% who are already running perfectly.
In this Covid -19 Lock down please explain how these units are going to survive without any business and monetary help to run their homes and of the Employees. |
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