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'We welcome recommendations of credit delivery to MSE sector' – FIEO
05
May '09
Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO) while commenting on recommendations of Committee on Credit Delivery to the Micro and Small Enterprises Sector stated that the recommendations if implemented would enable a uniform and transparent loan policy governing extension of credit facilities; restructuring policy for potentially viable sick units and a One Time Settlement (OTS) for recovery of non-performing loans.

The FIEO Chief stated the recommendations inter-alia suggested an independent rehabilitation fund with a corpus of 1000 crores at a concessional rate of 5-6% and an industry specific interest subsidy scheme for SME's on the pattern of TUF's for technology upgradation, the implementation of which would enable SME's to acquire / invest in the same.

Mr A Sakthivel, however, regretted that inspite of the reduction in the repo / reverse repo rates by RBI, banks have “parked” a record Rs.1,45,000 crores with RBI at 3.25% under the reverse repo window on 5th May, 2009 and continue to be diffident about lending to the MSME export sector.

Federation of Indian Export Organisations

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