Excelsior Correspondent
JAMMU, Apr 8: Citizen’s Forum has termed the ‘3 month COVID-19 Regulatory package’ by RBI as a cruel joke with small businesses and MSMEs facing financial and business depression.
In a handout Forum’s President, R.K Chadha said, RBI has allowed further loan upto Rs. 5 crore to help the ‘regular rich units’ and denied the ‘poor small units’ even small loans.
“Moreover, the ‘poor small units’ are also asked to pay salaries to the workers during closure due to lockdown,” he said.
Chadha requested the Prime Minister and the Finance Minister to safeguard the future of small businesses and MSMEs struggling to make their both ends meet under the declared financial and business depression in the country for the last 3 years.
“These units are being run under stressed conditions and they are paying interest and installments of banks from their savings to save the business. At the time when they are forced to close their units because of COVID-19 pandemic they are denied help from RBI for three months which is allowed for rich and perfectly running units,” he maintained.
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