Big corporates, government measures can help MSMEs fight pandemic, say experts
April 20, 2021
Large industries can look at diverting their annual CSR funds for the survival of micro and small units - The Hindu
Large industries can look at diverting their annual CSR funds for the survival of micro and small units - The Hindu×
Second Covid wave is creating extreme discomfort to small businesses
Compassionate capitalism by the big industries along with government measures can help MSMEs overcome the pandemic-induced crisis, point out industry experts.
As India has been witnessing the second Covid wave, MSMEs (micro, small and medium enterprises) have already started to press the panic buttons over the possible business disruptions due to restrictions and partial lockdowns announced in various parts of the country.
NBFCs seek MSME restructuring scheme extension till March 2022
In February last year, the Reserve Bank had permitted one-time restructuring of existing MSME advances, classified as standard without downgrade in the asset classification subject to certain additional provisioning and other compliances
PTI | April 19, 2021 | Updated 09:31 IST
Non-banking finance companies (NBFCs) have requested the Reserve Bank to extend the one-time restructuring scheme of MSME advances till March 31, 2022, as these players are unable to revive their businesses. In February last year, the Reserve Bank had permitted one-time restructuring of existing MSME advances, classified as standard without downgrade in the asset classification subject to certain additional provisioning and other compliances.
NBFCs request RBI to extend MSME restructuring scheme till March 2022
NBFCs request RBI to extend MSME restructuring scheme till March 2022
NBFCs have made the request to RBI as MSMEs are still facing difficulties in reviving their businesses. The second wave of the Covid-19 pandemic has made matters worse.
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UPDATED: April 19, 2021 18:58 IST
Most MSMEs in the country are still struggling to recover from the initial impact of the Covid-19 pandemic. (Photo: Reuters/Representational image)
Non-banking finance companies (NBFCs) have requested the Reserve Bank to extend the one-time restructuring scheme of MSME advances till March 31, 2022, as these players are unable to revive their businesses.
In a recent letter written to RBI Governor Shaktikanta Das, FIDC, an industry body of NBFCs, said due to the severe second wave of COVID-19, the micro, small and medium enterprises (MSMEs) have not been able to revive their economic activities and are in urgent need of support from the lenders.
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