SBI extends credit period of stressed auto dealers by nearly 30 days
Updated : August 19, 2019 01:45 PM IST
Normally the credit period is of 60 days but the bank has extended the same to 75 days in some cases or 90 days in others, he added.
The auto sector is facing its worst crisis in two decades and reports suggest thousands of job losses in the automobile and ancillary industry.
As per Society of Indian Automobile Manufacturers (SIAM) figures, vehicle wholesale across all categories declined by 12.35 percent to 60,85,406 units in April-June against 69,42,742 units in the same period of last year.