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Nirmala Sitharaman: The whole Finance Ministry working with RBI for the need for loan restructuring

The focal point is on restructuring. Finance ministry is actively engaged with RBI in this. In principle, the idea that there can be a restructuring required, is nicely taken

The focal point is on restructuring. Finance ministry is actively engaged with RBI in this. In principle, the idea that there can be a restructuring required, is nicely taken,” Sitharaman said while addressing Ficci’s national executive Committee meeting.

Finance Minister Nirmala Sitharaman on Friday stated the authorities is operating with the RBI on want for restructuring of loans to help industry tide over the effect of COVID-19.

The Finance minister also stated that the decision on lowering GST costs on the healthcare and different products will be taken by means of the GST Council.

Sitharaman said the Finance Ministry is operating with RBI on the demand of the hospitality quarter for extension of moratorium, or restructuring.

“I absolutely apprehend the requirements of the hospitality quarter on extension of the moratorium, or restructuring. we are running with RBI on this,” she said.

Centre working with RBI on need for loan restructuring: Nirmala ...

To help debtors deal with liquidity crunch all through the pandemic, the Reserve bank had announced a three-month mortgage moratorium in March, which changed into later extended with the aid of any other three months until August 31. borrowers opting for loan moratorium can defer price of the interest and primary factor of the mortgage at some point of this period.

Sitharaman stated each step which the authorities took, has been completed after exhaustive consultations with the stakeholders and in the authorities.

“We have taken these steps to make sure that the effect is felt on the ground,” she said.