Ban on LoUs hit exports, MSMEs: Parliamentary panel

Terming the banning of Letter of Understanding (LoU)/Letter of Comfort (LoC) post Punjab National Bank (PNB) scam a “knee-jerk reaction by the RBI”, a Parliamentary panel recently said the adversely impacted exports and the  MSME sector. After the ban, e Export credit too declined 24.4 percent in the 2017-18 financial year and was down 29.6
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