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Phalguna Jandhyala

Hyderabad, May 25 The Andhra Pradesh Incipient Sick SSI Federation in a memorandum to the Union Ministry of Micro, Small and Medium Enterprises (MSME) has said declaring SSI units as non-performing assets (NPAs) on defaults of payment for 90 days was not justifiable.

“Since our country is based on agriculture economy, the Basel-II norms are not justifiable. SSI units should be given a minimum of three years, from the time of commercial production, for the start of repayment of loans and also the interest accrued during the period be funded,” the SSI Federation said in the letter.

It also said that any unit identified as turning NPA should be brought to the notice of all stakeholders including the Reserve Bank of India and Commissioner of Industries by the banks and financial institutions in the review meeting.

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