With the coronavirus outbreak hitting businesses hard, industry body Assocham on Saturday said it has sought form the government a slew of measures to tide over this difficult economic situation.
In a letter to Finance Minister Nirmala Sitharaman, it has suggested moratorium for a period of one year on debt repayments both for corporates and individuals. It has also urged the ministry for an urgent infusion of liquidity by the Life Insurance Corporation of India (LIC) into the Non Banking Financial Companies (NBFCs) in a quasi-equity format.
"Assocham has sought a blanket year-long moratorium by banks on debt repayment both for corporates and individuals as also urgent infusion of liquidity by the Life Insurance Corporation of India into the NBFCs in a quasi-equity format," Assocham said in a statement.
