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Textile, finance ministries to meet on debt recast

Officials from the ministry of textiles and finance, Reserve Bank of India along with representatives from the banking and textile sector are expected to meet on July 13 to discuss the restructuring of textile loans, said a source in the know of the matter. The finance ministry had accepted the textile ministry’s proposals on restructuring Rs 35,000 crore of the textile industry’s debt. According to sources, RBI is not in approval of the asset reclassification of companies who would go in for loan restructuring. The proposal also included a two-year moratorium on repayment of ...