Home / Knowledge / News / Banks should respond to reduction to lower their PLR: FIEO
Banks should respond to reduction to lower their PLR: FIEO
21
Apr '09
Shri A Sakhtivel, President, Federation of Indian Export Organisations (FIEO) while commenting on the Annual Policy Statement announced stated that although the major economies of the world and the developing countries face the worst contraction since the IInd World War, 'tough measures' to counter the impact and to stimulate demand like lowering of PLR or delinking PLR for export credit for the MSME export sector, restructuring of loans or settlement of derivative losses as suggested by us have not been taken.

The FIEO Chief elaborated that although headline inflation had decelerated dramatically from intra-year peak of 12.91% on August 2, 2008 to 0.26% by March 2009 calling for rationalization in interest rates, the cost of credit continues to be at double digit levels which is making Indian exporters uncompetitive as buyers are asking for longer duration of credit. Moreover overall credit growth had fallen to 17.27% during 2008-2009 as against a peak of 29% in October, 2008.

The FIEO Chief added that despite repeated /sharp reductions in repo/ reverse repo the bench mark PLR's had not fallen by more than 50-100 basis points for most banks and Indian banks needs to respond to RBI's initiative. He re-iterated the need for a separate chapter for export of MSME sector to highlight the importance of this sector besides providing all banking facility for them at one place to make it user friendly.

Federation of Indian Export Organisations (FIEO)


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search