FHRAI demands loan moratorium for pandemic-hit hospitality sector

AgenciesUpdated: Tuesday, January 18, 2022, 07:57 PM IST
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FHRAI also demanded that Rs 60,000 crore loan guarantee scheme for the COVID-affected sector be notified with immediate effect. | BL Soni

Hospitality industry body Federation of Hotel & Restaurant Associations of India (FHRAI) said that it has asked Finance Minister Nirmala Sitharaman to consider a moratorium for loans taken by players in the sector and a special resolution framework for restructuring of loans to support the pandemic-battered industry.

In a representation submitted to the finance minister,FHRAI is also seeking moratorium extension of minimum one year for loans availed under Emergency Credit Line Guarantee Scheme (ECLGS).

FHRAI also demanded that Rs 60,000 crore loan guarantee scheme for the COVID-affected sector be notified with immediate effect.

FHRAI Vice-President Gurbaxish Singh Kohli said,”We are presently in the midst of the third wave and the industry just will not be able to sustain another storm."

(With inputs from PTI)

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