Telcos to opt for EMI moratorium; tariff to remain stable: COAI
Debt-ridden telecom operators are likely to opt for three-month moratorium to avoid cash crunch during the lockdown, industry body COAI said on Saturday.
The telecom operators have spoken in favour of raising mobile call and internet rates at the earliest, however, they will keep the prices stable during the lockdown period, COAI DG Rajan S Mathews told PTI.
"There is debt of around Rs 1.6-2 lakh crore that telecom operators owe to Indian banks. They will opt three-month moratorium in loan repayment to help them maintain cash flow. It is a relief for them," Mathews said.
The RBI on Friday allowed banks to put on hold EMI payments on all term loans for three months, slashed the cost of fresh borrowing by cutting policy interest rate by steepest in more than 11 years and infused a massive Rs 3.74 lakh crore liquidity as it joined the efforts of the government to counter the economic fallout of coronavirus pandemic.
Cellular Operators Association of India (COAI) also allayed fear of hike