Due to lockdown there are sectors like hospitality, tourism that are facing several problems. Reserve Bank of India announced a Moratorium till 31st August.
Sunil Mehta of Indian Bank said that they had proposed to RBI, they will allow one time restructuring relief.
Indian Association of Tour Operators (IATO), which represents more than 1,600 operators for inbound tourists, has urged the government to provide relief measures to the tourism industry.
Three month moratorium on all type of loans announced by the RBI Governor for the hospitality travel and tourism industry stakeholders.
The Reserve Bank of India has begun spadework for a one-time loan restructuring scheme for some sector s severely hit by the covid-19 pandemic.
The Federation of association in Indian tourism and Hospitality (FAITH), and the Federation of 10 travel trade Associations in the country welcomed the step by RBI.
FAITH has been in the forefront of the lobbing for relief and bailout packages for the industry. It has prepared and submitted elaborate reports, financial and statuary separately, for the consideration of the task force set up by the Government.
RBI may unveil more relief measures for some of the stressed sector of the economy. The Central bank has taken note of all the suggestions and a detailed examination of various recommendation are being undertaken.
The apex body estimates that 38 million jobs associated with tourism are at stake and that the economy can lose revenue of about ₹5 trillion in the next financial year.
Last week, the finance minister Nirmala Sitharaman said that the Government is in talk’s with RBI for a one time restructuring of loan to help stressed restructuring of loan to help stressed sectors.
Finance Minister said on 26 June that intense discussion is underway between the finance minister and Central Bank on providing a one-time restructuring of covid-19 impact businesses.
Mandeep Lamba, President – South Asia, HVS Anarock, also appreciated the relief measures announced by the RBI today.
“I think the moratorium of loans for a quarter is a good start” said Ajay Bakaya, MD, Sarovar Hotels.