Steps taken by Department of Financial Services related to disruption on account of coronavirus

Steps taken by Department of Financial Services related to disruption on account of coronavirus

Policies & Licenses

Federation of Indian Export Organisations

Federation of Indian Export Organisations

20 Mar 2020, 17:42 — 3 min read

The Ministry of Commerce & Industry, Department of Commerce has issued a Trade Notice with regard to the steps to be taken by the Department of Financial Services with regard to disruption on account of the coronavirus. The Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System.

The notice states:

a) All Public Sector Banks (PSBs) have been advised:

i) To immediately set up special cells to provide full assistance required to industry segments and MSME units affected by Corona Virus and to process such request for assistance with the requisite sensitivity.

ii) To clearly inform their customers about all the documents/procedural requirements in one go and to accept self-certifications in this regard wherever possible and applicable so that their funds can be remitted without any problems due to procedural deficiencies.

iii) To identify opportunities for import substitution/ramping up of the production as a fall out of the epidemic and to provide the requisite hand-holding support to the units concerned.

b) Insurance Regulatory and Development Authority of India (IRDAI) has been requested to assess/review the existing insurance products/policies so as to ensure risk cover against loss due to abnormal delay in delivery of shipments in the current scenario and that the terms and conditions of such policies may be allowed to be suitably modified wherever

All RA’s/ All EPCs/Commodity Boards are therefore requested to bring it to the notice of all Exporters/Importers.

This issues with approval of the Competent Authority.

Access the full text of the Trade Notice here.

 

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Federation of Indian Export Organisations

FIEO is the apex international trade promotion organisation of India. Directly and indirectly it represents the interest of over 200,000 exporters in India. FIEO has 17 offices in...

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