Tirupur's knitwear exporters urge banks to pass on repo rate cut benefits
2 Aug 2017 11:34 AM GMT
Traders in Tirupur claimed they had been hit hard by the GST and urged banks to pass on repo rate cut benefit.
RBI lowered the repo rate or the rate at which it lends to banks by 0.25 per cent.
Coimbatore: Knitwear exporters at nearby Tirupur on Wednesday urged banks to pass on the rate cut benefits to exporters who have been struggling and facing initial hiccups after implementation of GST from July 1.
In a statement, Tirupur Exporters' Association president Raja Shanmugam thanked the Monetary Policy Committee for reducing the Repo rate from 6.25 per cent to 6 per cent on expected lines. However the banks should pass on the rate cut benefit to the exporters, he said.
The association has already represented to all banks for enhancement of limit to ease the working capital blockage and hoped the banks would consider the genuine requisition of exporting units, particularly SMEs in the export sector, he said.
( Source : PTI )
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