Domestic equities rebounded sharply despite weak global cues mainly supported by a sharp recovery in financial stocks, said Binod Modi, Head - Strategy at Reliance Securities.
Centre told the Supreme Court that considerations are taking place at the highest level with the banks and other stakeholders for relief.
Solicitor General Tushar Mehta urged the court to allow the Centre to discuss the issue with the central bank and the bankers’ association and arrive at a solution on the issue of waiving the “interest on interest” during the loan moratorium period.
Moody’s credit outlook report noted that the Government of India and the Reserve Bank of India have announced a series of measures to alleviate liquidity stress at the NBFCs.
Fresh extension on moratorium will be offered only to certain clients with good track record and healthy business operations.
Kumar, however, said banks can go for debt recast even today as per June 7 circular of the RBI.
In her letter she said, MSMEs contribute close to one-third to India’s Gross Domestic Product (GDP) and account for almost 50 per cent of the country’s exports.
