Tirupur Exporters Association President, Raja M.Shanmugham, issued a statement hailing the RBI decision to permit one-time restructuring of existing loans, not exceeding Rs.25 Crore to MSMEs classified as Standard will be a big relief to financially stressed knitwear exporting units in Tirupur.
Raja M.Shanmugham said, the MSME knitwear exporting units have got affected further due to demonetization and GST implementation apart from prevailing adverse factors both domestically and externally & the Association has been constantly representing to the Ministries and RBI to treat MSMEs separately and exclude them from following Basel III norms, meant for corporate units.
Raja M.Shanmugham mentioned this kind of a restructuring would be helpful to the concerned MSMEs in exports business to get revived and continue in the business.