Banks Asked To Defer EMIs In Violence-Hit Manipur For Up To 12 Months

Banks in violence-hit Manipur have been told to extend the moratorium on loans up to 12 months, officials said today.

Manipur Institutional Finance Department Director Anna Arambam said that a bankers' committee meeting decided that banks will reschedule existing loans of and sanction fresh ones to borrowers in agricultural, MSME and retail sectors.

Mr Arambam said banks have been told to extend the moratorium period up to 12 months from the date of implementation of the rehabilitation and restructuring measures.

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

Borrowers whose repayment capacity has been severely affected due to disruption of economic activities and loss of economic assets, including agriculture and allied activities, should contact their banks to apply for the moratorium and other rehabilitation and restructuring measures, the official said.

The Manipur government recently 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.

Out of a total 241 bank branches in Manipur, 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. Banks have been asked to make all-out efforts to ensure the remaining 70 ATMs are also made functional.