STATE TIMES NEWS JAMMU: Terming three-month COVID-19 regulatory package by RBI as a cruel joke with small businesses and MSMEs, facing onslaught of financial and business depression in entire country and especially in Jammu because of tremulous condition due to terrorism, Citizen’s Forum demanded effective necessary measures for providing relief to MSMEs on ground level. “The moratorium package is specifically meant for financially rich units, who are considered as standard assets for banks, which means only those who are working perfectly. The moratorium has been given to help them and ensure continuity of their viable businesses. To ensure that they do not face financial problems due to COVID-19, RBI and government has come forward with the 3-month package,” R K Chadha President Citizen’s Forum said in a statement issued here on Wednesday. “What is the future of those small businesses and MSMEs who have been struggling to make their both ends meet under declared financial and business depression in the country for last 3 years? These units are being run under stressed conditions and are 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, they are denied help from RBI, as three-month relief moratorium is favourable for rich and perfectly running units,” Chadha asserted. “RBI has allowed further loan upto Rs 5 crore to help these regular rich units while poor small units were denied even small loans to tide over the situation and asked to pay salaries to workers during closure of COVID-19,” he rued.
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