FAPI seeks one-year moratorium on bank loans repayment

Kakinada, Nov 14 (UNI) The Federation of Andhra Pradesh Industries (FAPI) today appealed to Prime Minister Manmohan Singh to direct the Reserve Bank of India (RBI) to issue orders to all nationalised banks to declare one-year moratorium on loans repayment to small and medium enterprises.

FAPI President B V Ramarao told mediapersons here that many industries, particularly small and medium industrial units were becoming sick, leading to largescale retrenchment of employees following the impact of the global financial recession.

The RBI, which used to give 180 days time for the NPA norms earlier, has scaled down to 90 days now, Mr Ramarao said, urging the Prime Minister to intervene and save the industry from the present crisis.

UNI XC VA ROY 1714