Loanees given 12 months moratorium
Source: The Sangai Express
Imphal, July 06 2023:
As decided at a special SLBC meeting held on July 1, banks have been instructed to extend a moratorium period of up to 12 months to all loan borrowers (Agri, MSME and other retail loans) in view of the prevailing law and order situation in the State.
For retail loans under P-segment (Personal/Pension/Vehicle/Housing loans etc), EMI repayment may be deferred by 12 months, conveyed a press release issued by Director, Institutional Finance Anna Arambam.
The meeting held on July 1 also decided that banks would provide relief measures by way of rescheduling of existing loans and sanctioning of fresh loans as per the emerging requirements of all loan borrowers.
Those borrowers whose repayment capacity has been severely affected due to disruption of economic activities and loss/damage of economic assets, including agriculture and allied activities may contact the concerned banks for availing the moratorium and other rehabilitation/restructuring measures, it said.
The rehabilitation/restructuring measures will not be applicable to those accounts which have been classified as NPA at the close of business as on May 3, 2023 .
Out of 241 bank branches in the State, 218 have been opened as of July 6 .
Efforts are being made to make the remaining 23 branches operational at the earliest.
Out of 396 ATMs, 320 are functioning.
Nonetheless, banks have been asked to make all out efforts to ensure that the remaining 70 ATMs are also made functional, it conveyed.