Manipur violence: Banks to provide relief measures on loans

Imphal, July 8 In view of over two-month long ethnic violence in Manipur, banks would provide relief measures by way of rescheduling the existing loans. Accordingly, banks have been instructed to extend the moratorium period up to 12 months, officials said here on Saturday.

Manipur Institutional Finance Department Director Anna Arambam said that a Special State Level Bankers’ Committee (SLBC) meeting recently 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 in agricultural, MSME and other retail loans.

He said that banks have been instructed to extend the moratorium period up to 12 months from the date of implementation of the rehabilitation, restructuring measures and for retail loans under P-segment (Personal/Pension/Vehicle/Housing loans etc), EMI repayment may be deferred by 12 months.

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 and restructuring measures, the official said.

The Manipur government has recently issued a notification saying that relief measures may be taken up under RBI's (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018.

Arambam said that opening of bank branches was also reviewed by Chief Secretary Vineet Joshi.

Out of a total of 241 bank branches in Manipur, 218 have been opened as on July 6.

Efforts are being made to reopen the remaining 23 branches at the earliest.

Out of 396 ATMs, 320 are functioning. Banks were requested to make all-out efforts to ensure that the remaining 70 ATMs are also made functional.

The government has conveyed its readiness to extend all possible assistance to the banks, the official said.