MSME package can help 7 crore accounts: Fin Secy

The RBI’s restructuring package for small firms announced last month will help recast Rs 1 lakh crore of loans for 7 lakh eligible MSME, a top official has said. The estimate from the dept. of financial services secretary Rajiv Kumar is much higher than Icra’s assessment of Rs 10,000 crore. He said 7 lakh MSME units need restructuring. “They all can be restructured till March 2020 without downgrading the asset. Rs 1 lakh crore worth loans will get restructured,” Kumar said.