Industry hopeful with RBI slashing interest rate
Respite to small businesses
- Published 23.05.20, 6:44 AM
- Updated 23.05.20, 6:44 AM
- a few seconds read
The RBI’s surprise move to slash key interest rates will provide a much needed respite to small businesses and revive demand, India Inc said on Friday even as it feels more support will be required.
CII director general Chandrajit Banerjee said the RBI should also consider extending this moratorium to NBFCs for their repayment to banks, without which the NBFCs sector is facing acute distress.
Ficci president Sangita Reddy said, “More support will be required on an ongoing basis both from RBI and government and we shall keep providing feedback on behalf of Indian industry.”
Fieo president Sharad Kumar Saraf said the move will allow more liquidity in the hands of the exporters, helping them to fulfil their overall export obligations.