IIA writes to Centre over delay in implemention of RBI'S ''COVID 19 Regulatory Package'' for MSMEs

New Delhi, Apr 8 (KNN) Indian Industries Association (IIA) has written to the Central Government, Reserve Bank of India and several banks over delay in implementation of RBI's circular wherein certain relief measures were announced to mitigate the burden of the industries due to economic crisis sparked by COVID-19.

The industry body in its letter requested to get the relief implemented urgently.

The Reserve Bank of India was kind enough to issue guidelines for providing relief the business and industry called COVID 19 Regulatory Package, said IIA in the letter.

Implementation of these guidelines are required urgently keeping in view serious liquidity crises specially in Micro Small and Medium Enterprises (MSME's) in India, IIA letter addressed to the Centre added.

IIA also mentioned that they were getting feedback by their members that the RBI Guidelines are not being implemented on the ground and being misinterpreted so as to restrict the relief to MSME's.

IIA further said that it had requested the Managing Directors of all Scheduled Commercial Banks and other financial institutions to provide a copy of the instructions/ directives to the bank branches for implementing the RBI Guidelines but bank didn't response. 

''We regret to inform you that none of the Banks have replied to our request till date,'' IIA avowed.

In its letter to several banks, IIA said that its members from different parts of the country were giving feedback that their respective bank branches have not received the necessary directives from the top.