RBI announces relief for MSME sector, gives 180 days more to pay their dues

Posted by Daily Shipping Times on 28-02-2018        Tweet

MUMBAI: In a major relief to the medium and small enterprises sector the Reserve Bank of India announced that GST registered MSME borrowers will get a further 180 day window to pay dues if their accounts were standard as on August 31st 2017.

This dispensation allowed to banks and NBFCs will be applicable for dues between September 2017 and January 2018 if the aggregate exposure does not exceed Rs 25 crore.

“GST-registered MSMEs which were standard as on August 31, 2017 and for which the aggregate exposure of banks and NBFCs does not exceed Rs 25 crore as on January 31, 2018, the amounts overdue as on September 1, 2017 and payments due between September 1, 2017 and January 31, 2018, be allowed by banks and NBFCs to be paid not later than 180 days from their original due date, without a downgrade in asset classification,” the RBI said in a statement.