Saturday 30 May 2020
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business-standard - 8 days ago

Textile bodies welcome RBI measures

Indian Texpreneurs Federation (ITF) on Friday thanked the RBI for extending loan moratorium to six months which would help textile industries manage cash flow towards re-starting businesses during the post-COVID-19 times. Conversion of deferred interest as a one-year term loan would also help the companies manage the liquidity and speed up the revival process because every rupee is important now to streamline post-COVID business operations, ITF convenor Prabhu Dhamodaran said in a statement here. Stating that the industry expected the same level of repo rate reduction, he said, With the announcement by the RBI, our entire energy should be on talking with banks to get the practical benefit of all rate cuts. Prabhu thanked the Finance Ministry and RBI for the timely intervention, even as the RBI governor had mentioned about its vigilance and battle-readiness, which was giving confidence to industry players. Meanwhile, Tirupur Exporters Association (TEA) also thanked RBI .

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