Mr. Satish Magar's statement on RBI announcement on Monetary Policy

CREDAI welcomes RBIs announcement of infusing additional liquidity of Rs 10,000 crore through NABARD and NHB as this will increase the access and availability of funds for the cash starved real estate sector. Extending timeline for restructuring the stressed MSME loans till 31st March 2021 is an encouraging step as MSME sector is a backbone of our economy and forms a large part of real estate development industry. However these measures are not enough for revival of the economy and there is an urgent need for restructuring of stressed loans in all sectors, specifically the real estate industry as it is in dire straits from a very long time even before the pandemic has hit the world economies. The expert committee formation under Mr KV Kamath's expertise and leadership is being constituted to look into the loan recasting matters and we at CREDAI are hopeful that it will also address our pertinent request of one-time restructuring of the loans for the real estate sector as this is crucial for the sectors survival and for the large number of people whose livelihoods are dependent on it.

Source : Equity Bulls

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