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Ease rules under emergency credit scheme, urges hospitality industry to govt, RBI

After the Reserve Bank of India announced an on-tap liquidity window of Rs 50,000 crore for companies engaged in healthcare infrastructure and services, the hospitality industry has requested the Union Finance Ministry, Reserve Bank of India and Tourism Ministry to ease some rules and regulations of Emergency Credit Line Guarantee Scheme (ECLGS) introduced on March 31 to help the ‘dying’ industry, IANS report said.

FAITH, the policy federation of all the national associations representing the tourism, travel and hospitality industry, stated, “This scheme proposes to extend support to tourism, travel and hospitality accounts which were classified as regular, special memorandum account-0 and special memorandum account-1 and whose past dues were not beyond 60 days as on February 29, 2020.”

However, Clause 19 of the operational guidelines mentions that the scheme will not be applicable to accounts classified as non-performing assets ‘as on’ date of disbursement, it said. “This clause is…

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