Retailers seek RBI intervention as banks unwilling to extend debt moratorium to borrowers
The body sought RBI's intervention to ensure that banks follow up on the announcement made by the central bank last Friday to protect the borrowers against the impact of the COVID-19 pandemic.
The country is under a three-week lockdown starting March 25 and the number of cases infected with the virus is rising steadily. The RBI had announced a moratorium under which borrowers of all the term loans were given a breather from repayments for three months."RAI commends the RBI for stepping in at the right time to bring some relief to the mounting stress on the economy and retail business in the wake of COVID-19. However, banks are not willing to take any action on this front," a statement said.Advertisement
The retailers' body said it has written to RBI governor Shaktikanta Das in this regard seeking his urgent intervention in the matter.
Highlighting the plight of the retailers, it said most of the stores are shut, leaving them with zero revenues but are required to pay overheads such as salaries, electricity, and rentals."The cash inflow of the industry has come to a standstill, while the fixed operating costs remain intact," it said. AA SHW MRMR
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- 33 more test positive for COVID-19 in Muzaffarnagar
- UP: Senior jail official tests COVID-19 positive
- Rajasthan's COVID-19 tally crosses 20,000-mark with 632 fresh cases
- C'garh adds 46 new COVID-19 cases, tally 3,207
- India records over 20,000 new COVID cases for third consecutive day; Many states report highest single-day spike