General National News

Demand for loan moratorium started by MSMEs

With increasing cases of corona infection, micro, small and medium enterprises (MSMEs) have once again started demanding low moratorium in several states of the country. Many associations associated with MSMEs are going to write letters to the Ministry of Finance in this regard.

MSMEs argue that they are not able to get paid for the goods sold due to lockdown in 10 states of the country. They have reduced production in view of the uncertainty of demand in the coming time. They are also purchasing raw materials in very limited quantities. They have working capital (working) due to payment stuck. In such a situation, they will need extra time to repay the loans of the banks.

Federation of Indian Small Medium Enterprises (FISME) Secretary-General Anil Bhardwaj said that given the circumstances that are happening, MSMEs need to be given a loan moratorium under any circumstances. If not, most MSMEs are in danger of falling into the NPA category. The reason for this is that if the loan installment is not deposited for 90 days, that account becomes NPA. After the NPA is declared, the MSMEs will find it difficult to get further loans and their credit will have deteriorated.

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