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01/04/2020 12:40pm

MSMEs in TN write to FM to ensure all banks follow RBI's circular to give 3 months moratorium on EMIs

image MSMEs in TN write to FM to ensure all banks follow RBI's circular to give 3 months moratorium on EMIs

New Delhi, Apr 1 (KNN) Tamil Nadu Small Scale and Tiny Industries Association (TANSTIA) has written to the Finance Minister Nirmala Sitharaman seeking action against a few banks who are still waiting to implement three months Moratorium on EMIs.  

In a letter to Finance Minister, accessed by KNN India, K. Mariappan, Vice-President, TANSTIA said, ''Though RBI has issued circulars to all the banks, State Bank of India had announced on March 28 to implement the RBI circular with immediate effect.''

''But all other banks including lead banks are still waiting for the confirmation from their respective head office and said that unless such letter is received from their HO, the bank will be debiting the EMI and Interest from the customers' account','' he said.

Subsequently, Mariappan requested Sitharaman to initiate action against such banks, who are defying the apex Bank's order.

''Please take necessary action against them through RBI at the earliest and ask all them to implement the three months Moratorium period without further delay,'' he added.

He further sought Minister to fix a considerable amount to pay to the employees of Micro Small and Medium Enterprises (MSMES) for the next three months.

''The MSMES are instructed by various Ministries & State Government, to pay full wages, to the entire employees during lockdown period. MSMEs are facing a tough time due to the economic slowdown and unable to meet out our fixed expenses like Salaries, EB Bill, statutory taxes, GST, rent to the factory sheds, ESI and EPF etc.  

Hence, it is not possible for the MSMES to pay 100 per cent salary to their employees during the current lockdown period. Kindly, announce a considerable amount as grant to pay to the MSMEs employees for at least for the next three months.'' he avowed.

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