Raja M Shanmugham, President said RBI decision to permit for one-time restructuring of existing loans, not exceeding Rs. 25 cr to MSMEs classified as Standard will be a big relief to financially stressed knitwear exporting units in Tirupur and thanked RBI for the same.

Raja M Shanmugham said the MSME knitwear exporting units have got affected further to demonetization and implementation of GST apart from prevailing adverse factors both domestically and also externally and Association has also been representing to the Ministries and RBI to treat MSMEs separately and exclude them from following Basel III norms, which is meant for corporate units.

While mentioning the positive garment exports trend observed in October and November months, Raja M Shanmugham mentioned this kind of a restructuring would be helpful to the concerned MSMEs in exports business to get revived and continue in the business.