No role to play in giving credit to shipping firms: IBA

The Indian National Shipowners’ Association, an industry body of shipping companies, had requested for creation of Rs 10,000 crore corpus for providing credit facilities to shipping firms as the recent economic slowdown has resulted in a credit crunch for them.

“On the advice of the Finance Ministry, the Indian Bank Association has constituted a working group to examine the request of the shipping industry for extension of credit facilities for purchase of ships. The Indian Bank Association has recently advised that they have no role to play in the matter...,” Minister of Shipping G K Vasan said in a written reply to a question in the Lok Sabha on Monday.

IBA  advised that the shipping companies should take up the matter with  banks.