By Arul Louis
United Nations, Aug. Aug 14 (IANS) General Assembly President Maria Fernanda Espinosa has expressed her solidarity with those affected by floods in India, according to her Spokesperson Monica Grayley.
"Espinosa has sent her condolences to the people and the government of India after the monsoon floods in the southern and western parts of the country, which led to over 140 deaths, and hundreds of thousands of people being evacuated," Grayley said at her briefing on Tuesday.
"The President of the General Assembly expressed her solidarity to all of those who were affected by the natural disaster," Grayley said.
According to the latest reports, at least 200 people have died in the floods in Kerala, Karnataka, Maharashtra and Gujarat and about 1.2 million people have been evacuated from the affected areas.
In Kerala, 85 people have been reported killed and 48 in Karnataka as of Monday evening, media reports said.
(Arul Louis can be reached at firstname.lastname@example.org and followed on Twitter @arulouis)
Mumbai, Aug 6 (IANS) The Reserve Bank of India on Thursday extended a scheme whereby stressed MSME borrowers will become eligible for restructuring their debt, provided their accounts with lenders were classified as 'standard' as on March 1, 2020.
Accordingly, the existing loans to MSMEs classified as 'standard' will be re-structured without a downgrade in the asset classification.
"A restructuring framework for MSMEs that were in default but 'standard' as on January 1, 2020 is already in place," Das said while delivering the decision of the MPC on monetary policy.
"The scheme has provided relief to a large number of MSMEs. With COVID-19 continuing to disrupt normal functioning and cash flows, the stress in the MSME sector has got accentuated, warranting further support."
According to the RBI Governor, this restructuring will have to be implemented by March 31, 2021.
The Reserve Bank placed eligibility conditions such as the limit of aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower should not exceed Rs 25 crore as on March 1, 2020.
Besides, the borrowing entity is GST-registered on the date of implementation of the restructuring. However, this condition will not apply to MSMEs that are exempt from GST-registration.