By Dominick Rodrigues
New Delhi : The RBI’s assertion — to ”stand in battle readiness” and take ”unconventional” measures against the raging covid-19 second wave, and provide a slew of reliefs to small borrowers including individuals — are important confident building announcements by Governor Shaktikanta Das+, according to ASSOCHAM.
“The targeted policy response and easy credit promised to the entire healthcare value chain in government and private sector, including vaccine manufacturers, are the most apt measures at this point of time”, Deepak Sood, Secretary General, ASSOCHAM said, adding “Very importantly, the RBI has mentioned the common man who is facing the brunt of this deadly virus and deserves easy finance options for medical expenses.”
Sood said the RBI has most correctly recognised how small businesses and financial entities at the grassroots are bearing the most considerable burden of the pandemic and has thus unveiled measures to help them. “These measures include restructuring loans with exposure up to Rs 25 crore, treating lending to micro-financial institutions by small finance banks for further on lending to individual borrowers as a priority sector, and providing much-needed relief to sectors that are under maximum stress.”
“The rationalisation of KYC norms – extending the scope of the video-based customer identification process- is an appropriate and timely ameliorating step for the common man and small and micro business entities. Under the guidance of the Centre, states are at the forefront of the war against Covid-19, and relaxation in overdraft norms for them would ultimately result in improved health services. Resources both in terms of money and material are the weapons to defeat the pandemic”, Sood stated in a ASSOCHAM release here today. .
ASSOCHAM was established in 1920 by promoter Chambers, representing all regions of India and has over 400 Chambers and Trade Associations, serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy.
