Non-banking financial companies, including microfinance institutions, on Monday took up the issue of liquidity and moratorium on term loans in a meeting with Reserve Bank of India Governor and Deputy Governors.
NBFCs, which were not given the moratorium facility by banks, sought implementation of three-month moratorium on repayment of loan instalments announced by the RBI. However, banks have so far refused to provide the moratorium to NBFCs and MFIs.
According to the RBI, the availability of liquidity from banks and other financial institutions and post lockdown strategies for supply of credit, including working capital to MSMEs, traders and bottom of pyramid customers in semi-urban, rural and urban areas were discussed in the meeting. The implementation of three-month moratorium on repayment of loan instalments announced by the RBI and strengthening grievance redressal mechanisms were also discussed, it said.
In another meeting with representatives of the mutual fund industry, the impact of measures taken by the Reserve Bank with regard to the provision of liquidity and review of the functioning of the bond markets and plans for the way forward were discussed, the RBI said.
The RBI opened a Rs 50,000 crore liquidity window last week.
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