The Federation of Hotel and Restaurant Associations of India (FHRAI) on Sunday said it has requested Finance Minister Nirmala Sitharaman to provide a special credit guarantee window to the hospitality sector under the Emergency Credit Line Guarantee Scheme (ECLGS).
In the representation, the industry body has asked the government to standardise and align the tenure and the moratorium facilities floated under ECLGS 1.0, 2.0 and 3.0, FHRAI said in a statement
The Associaion has also asked that the tenure of loan and moratorium facilities granted under the ECLGS 3.0 should be extended to loans already sanctioned under the earlier emergency credit line guarantee schemes with retrospective effect, it added.
"The repayment schedule for loans taken under ECLGS 1.0 and 2.0 are likely to begin now, but unfortunately due to the ongoing lockdown many establishments do not have the cash flow to repay it.
"Therefore, it is imperative to align the tenure and moratorium facilities under ECLGS 1.0 and 2.0 with ECLGS 3.0," FHRAI Vice-President Gurbaxish Singh Kohli said.
Second threat of Covid-19 will dampen India Inc's recovery: ICRA Report
Centre may launch reverse auction system for supplying rails to Railways
Reserve Bank to review, strengthen risk-based supervision of banks, NBFCs