Shriram Transport Finance Company Ltd (STFC) on Saturday said it has taken a host of measures, including offering moratorium to its borrowers, and cost-rationalization and reduction in overheads to conserve its cash resources, as part of its Business Continuity Plan (BCP) to mitigate the impact of COVID-19 pandemic.

In an email to the stakeholders, Umesh Revankar, Managing Director and CEO said STFC is closely monitoring its liquidity position and has sufficient cashflow to meet repayment obligations.

“In spite of the disruptions created by Corona virus, we have been paying all our liabilities on time including periodical principal and interest payment to debenture holders, fixed deposit holders, Banks, Institutions, etc,” said Revankar.

He emphasised that all employees have been paid salaries on time and there is no salary-cutting due to Covid-19 situation.Digital collections of EMIs (equated monthly instalment) of loans from customers are being encouraged.

“We constituted Quick Response Team to facilitate review of BCP and the team re-visits the BCP periodically to de-risk critical functions,” Revankar said.

He added that the employees are working from home during the nation-wide lockdown. Further, the company imparting e-learning and training programs for employees to enhance their knowledge, efficiency and effectiveness.

“During this tough time, we need strong, unified and sustained efforts by all of us and I am sure that as a long time investor, you will continue to repose your faith and confidence and extend your full support to management of the Company,” said Revankar.

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