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Tuesday, Aug 23, 2005
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KSSIA hails SME finance package

Our Bureau

KOCHI: The Kerala State Small Industries Association has welcomed the fresh package of SME finance for doubling of credit with an annual growth of 20 per cent from banks to the SME sector.

The association President, Mr Xavier Thomas Kondoy said in a statement that the debt restructuring mechanism, which is applicable to big companies and has now been introduced to the SSI sector, is a great relief. The one time settlement on NPA account will help rehabilitation of large number of sick units.

However, the introduction of credit rating system, if its cost is borne by the lending institution itself, can be beneficial to the sector in the overall reduction of the cost of borrowing, he added.

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