Banks to aid stressed SME textile, garment units: Govt | SupportBiz

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Banks to aid stressed SME textile, garment units: Govt

 
The Union government has directed banks to restructure debt of around 307 textile mills and around 200 ready made garments factories in the small and medium enterprise sector due to the stress levels in the textile industry.

“The debt restructuring exercise will help boost textiles industry’s growth in the country and provide re-employment to textile workers,” Minister of State for Textiles,  Panabaaka Lakshmi said.

Banks have been directed to restructure loans of the textile industry on a case to case in accordance with the Reserve Bank of India guidelines on re-structuring of advances by banks¸ she told the Rajya Sabha.