Govt asks Banks in Violence-Hit Manipur to Extend Moratorium on Loans up to 12 Months

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Banks in Manipur, which has been affected by violence, have been told to extend the moratorium on loans up to 12 months. This means that borrowers will not have to make payments on their loans for up to 12 months. The moratorium applies to all types of loans, including agricultural loans, MSME loans, and retail loans.

The decision to extend the moratorium was made by a bankers’ committee meeting. The committee decided that the moratorium would be extended for 12 months from the date that the rehabilitation and restructuring measures are implemented. For retail loans, the EMIs (monthly installments) can be deferred by 12 months.

Borrowers who are affected by the violence and whose repayment capacity has been severely affected can contact their banks to apply for the moratorium and other rehabilitation and restructuring measures.

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The Manipur government recently issued a notification saying that relief measures can be taken up under the RBI’s (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018. As of July 6, 218 out of 241 bank branches in Manipur have opened. Efforts are being made to reopen the remaining 23 bank branches.

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

Here are some additional details about the moratorium:

  • The moratorium applies to all types of loans, including agricultural loans, MSME loans, and retail loans.
  • The moratorium period is up to 12 months from the date that the rehabilitation and restructuring measures are implemented.
  • For retail loans, the EMIs (monthly installments) can be deferred by 12 months.
  • Borrowers who are affected by the violence and whose repayment capacity has been severely affected can contact their banks to apply for the moratorium and other rehabilitation and restructuring measures.
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