Views of Dr Niranjan Hiranandani – President – Assocham & NAREDCO

New Delhi, August 07, 2020: Dr Niranjan Hiranandani President – Assocham and Naredco acclaims, “A Positive step by Reserve Bank of India to pay heed to India Inc’s long pending demand of One time restructuring of loans without classifying them as NPAs, by setting up an expert committee steered by KV Kamath. Opening up the window for restructuring of loans to companies, individuals and MSME under mandated safeguards grants breather to the liquidity strapped industry. A flexible repayment scheme under the new resolution framework shall bring in the much-needed relief to resume operations smoothly. He additionally acknowledged the fact accorded by the RBI governor of maximum transmission of rate cut benefits percolating down the banking stream, which shall be reflected in easing the credit supply to meet working capital needs of the Industry across the board. Additionally, liquidity of Rs 10,000 crores announced to be infused in NABARD and NHB will definitely aid the reeling sector to tide over the liquidity crisis”. This indicates that the fiscal measures by RBI have started showing the positive outcomes on the economy, he concluded.”

Corporate Comm India (CCI Newswire)