Coimbatore, Apr 8 (KNN) The Micro, Small and Medium Enterprises (MSMEs) in Coimbatore have sought a financial bailout package to help them to manage the ongoing financial crisis, sparked by the Covid-19 lockdown. 

A joint council of association comprising the Confederation of Indian Industry-Coimbatore, Codissia, Indian Chamber of Commerce and Industry-Coimbatore, Institute of Indian Foundrymen and the Southern India Engineering Manufacturers' Association and Coimbatore Industrial Infrastructure Association have made the appeal on behalf of all the MSMEs.

The council also asked centre to defer all loans for six months, extension of ad hoc 25 per cent additional credit on existing working capital limits and waiver of interest on working capital for six months.

The council further demanded to change NPA norms from 90 days to 180 days for at least for two years and a rehabilitation programme for NPA and stressed units.

PF contribution should be made by the government for six months without the Rs 15,000 ceiling and extension of benefit for units employing up to 200 persons, it said.

''The moratorium was extended to term loans and working capital, renegotiation of LCs should also be considered as it becomes due in 30 day,'' added the council.