Excelsior Correspondent
JAMMU, Mar 23: Citizen’s Forum president RK Chadha requested the Prime Minister, Narendra Modi and Lieutenant Governor, GC Murmu to make Bankers in Jammu to adhere to the circulars of RBI to help small businesses and MSME in providing loans to tide over the almost closure of business in the J&K Union Territory.
First 90 days extension of loan payment last year, then RBI instructions to give one year rehabilitation program and finally under these prevalent COVID-19 conditions banks have been instructed to give loans to survive the onslaught of the continuous adverse conditions of J&K UT, they are either refusing or selective in issuing the loans.
Chadha said RBI has come out with one year term for NPA declaration of bad loans keeping in view that nothing tangible financial improvement is going to happen, then why not to allow one year moratorium period for small businesses and MSME who are paying interest and loan instalments from their savings ( Fixed Deposits ) with Banks.
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