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RBI Moratorium a cruel joke to small business houses: Citizen’s Forum
4/8/2020 9:58:17 PM

Early Times Report

Jammu, Apr 8: Citizen’s Forum call three month Covid -19 Regulatory package by RBI as a cruel Joke to small businesses and MSME which are facing the onslaught of financial and business depression in the country and specially in Jammu because the tremulous condition due to militancy. The moratorium package is specifically meant for financially Rich units and are considered as standard Assets for the Banks, Which means only those who are working perfectly and in order to help them and ensure the continuity of their viable businesses and not face financial problems during these Covid 3 months, RBI and the Government has come forward with this package.
R K Chadha President Citizen’s Forum request Prime Minister Narendra Modi and Sita Raman the FM, what is the future of those small businesses and MSME who have been struggling to make their both ends meet under the declared financial and business depression in the country for the last 3 years. These units are being run under stressed conditions and paying interest and installments of the Banks from their Savings in order to save their business and units. At the time when they are forced to close their units because of covid -19 threat they are denied the help from RBI for three months as is allowed for rich and perfectly running units. Reasons because they are not regular in giving interest and installments of few thousands of rupees.
RBI has allowed further loan upto Rs. 5 crores to help these regular Rich units and poor small units while being denied even small loans to tide over their situation are asked to pay salaries to the workers during closure of covid-19.
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