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RBI announced Loan Moratorium; Health infrastructure will get priority in loans, industry praises decision

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Representative Image [Instagram]
Representative Image [Instagram]

The Reserve Bank of India (RBI) has announced Resolution Framework 2.0 to provide relief to various sectors during the second wave of the Corona pandemic. Under this, people taking loans up to Rs 25 crore or small businessmen can avail the facility of loan restructuring. But this is only for those who have not taken advantage of this scheme before. The industry has welcomed RBI’s announcement to give opportunities to small businesses and to prioritize loans to health infrastructure.

According to a leading daily report, industry body, CII said that it is a great decision to approve Rs 50,000 crore funding by March 31, 2022 for the health sector. CII further stated that the healthcare sector is under pressure due to heavy demand and supply constraints and a shortage of funds. CII President Uday Kotak said that the security of both life and livelihood has been given priority by the RBI decision.

 

The Federation of Indian Export Organizations (FIEO) also said that this decision will help in expanding the infrastructure of health infrastructure. Apparel Export Promotion Council (AEPC) chairman A Sakthivel has also described it as a step taken by RBI at the right time.

RBI Governor Shaktikanta Das has announced that the window of Rs 50,000 crore on-tap liquidity at the repo rate will be open till March 31, 2020. At the same time, it has announced the relaxation of restructuring of loans that are not being recovered from the coronavirus pandemic and micro, small and medium enterprises (MSME). The RBI governor also said that the Reserve Bank will keep an eye on the emerging circumstances related to taxation.

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