‘Banks not obeying Centre’s order on MSMEs’

Hence he urged PM to hold an exclusive meeting with bankers to clear confusion over the issue.

Published: 03rd December 2019 05:22 AM  |   Last Updated: 03rd December 2019 05:22 AM   |  A+A-

By Express News Service

CHENNAI: The micro, small and medium enterprises (MSMEs) in the state have sought Prime Minister Narendra Modi’s intervention after banks threatened to term the stressed loan accounts of MSMEs as non-performing assets (NPAs) despite the Finance Minister’s directive to banks not to do so till March next year and his advice to work on recasting their debt. In a letter to the PM, the Industrial Estate Manufacturer’s Association (IEMA) said that banks said they had not received any circular from the Finance Ministry.  IEMA chief Kanakambaram said, “Even though the Finance Minister and the RBI are helping MSMEs overcome the crisis through several packages, bankers are reluctant to implement packages.” Hence he urged PM to hold an exclusive meeting with bankers to clear confusion over the issue.

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