The local chapter of the Indian Chamber of Commerce and Industry on Friday thanked RBI for releasing guidelines on restructuring of loans to MSMEs (micro, small and medium enterprises) which contribute 50 per cent to the manufacturing sector.
RBI has decided to permit a one-time restructuring of existing loans not exceeding Rs 25 crore to MSMEs which would be a big relief to financially-stressed MSMEs, chamber president V Lakshminarayanasamy said in a release here.
Stating that the RBI has taken the decision by understanding the structural bottlenecks and factors affecting the performance of the MSMEs, he expressed happiness that the government and the RBI have considered the importance of the MSMEs in the economy.
The MSMEs in the exporting sectors which were affected due to demonetisation and implementation of GST would be benefited by the move, he said.
That a provision of five per cent in addition to the provisions already held shall be made in respect of accounts restructured under this scheme is also a welcome move, he said.