In Manipur, banks advised to defer EMIs for up to 12 months

Amid the situation in the violence-hit Manipur, the banks have been told to extend the moratorium on loans up to 12 months, according to the officials.

A bankers’ committee meeting has decided that all banks will reschedule existing loans and sanction fresh ones to borrowers in the agricultural, MSME, and retail sectors, said the Manipur Institutional Finance Department Director Anna Arambam.

Official statements

During the meeting, the banks are advised to extend the moratorium period up to 12 months from the date of implementation of the rehabilitation and restructuring its measures, the official said.

Now, to get retail loans under P-segment – personal, pension, vehicle, housing – the EMIs may be deferred by 12 months. 

As per Mr Arambam, the borrowers whose repayment capacity has been severely affected amid the major economic loss, including agriculture and allied activities, should contact the banks to apply for the moratorium and other benefits offered by the banks.

Recently, the state government has issued a notification, saying relief measures may be taken up under RBI‘s (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018.

How many ATMs ate functioning in violence-hit Manipur?

Currently, 218 have opened as on July 6. Efforts are being made to reopen the remaining 23 bank branches at the earliest.

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