Disruption response: banks to create assistance cells, accept self-certification, and insurers to cover shipment delay losses. Department of Financial Services directed Public Sector Banks to set up special assistance cells for industry segments and MSMEs affected by coronavirus, require banks to convey document/procedural requirements in one communication and accept self-certifications where applicable to facilitate remittances, and to identify and support import substitution and production ramp-up. DFS also asked the insurance regulator to review and permit modification of insurance products to cover losses from abnormal shipment delivery delays.
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Provisions expressly mentioned in the judgment/order text.
Disruption response: banks to create assistance cells, accept self-certification, and insurers to cover shipment delay losses.
Department of Financial Services directed Public Sector Banks to set up special assistance cells for industry segments and MSMEs affected by coronavirus, require banks to convey document/procedural requirements in one communication and accept self-certifications where applicable to facilitate remittances, and to identify and support import substitution and production ramp-up. DFS also asked the insurance regulator to review and permit modification of insurance products to cover losses from abnormal shipment delivery delays.
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