Rs.15,000 crore package for the Tourism sector

The RBI has been announced a 15,000 crore loan package for assisting sectors including tourism, hotels, and restaurants, which are facing severe crisis due to the expansion of covid. Loans are available only to travel agencies, tour operators, supply chain companies, private bus operators, car workshops, car rental companies, event organizers, spas, beauty parlors/salons, and aviation ground handling.

For this, the RBI will provide money to the banks at a four percent repo rate in a period of three years. The aim is to ensure the availability of money in these areas. The loan will be available

under this scheme for a repayment period of three years till March 31, 2022. When banks keep the excess amount in the reverse repo category equivalent to such loans with the Reserve Bank, they will be paid extra interest as an incentive. The interest rate will be a quarter percent lower than the repo rate.

Earlier a project was announced by the Reserve Bank that had sought to restructure loans and personal loans of MSMEs and other small enterprises which were in arrears of up to `25 crore till March 31, 2021 and were not part of the loan restructuring scheme. In this, the arrears limit has been raised to Rs 50 crore.