Imphal, July 8: The banks in Manipur 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).
Over two months of ethnic-violence have ravaged Manipur and the normal life has come to a standstill.
EMI repayments have also been deferred by 12 months.
A press statement from the Finance Department issued by Anna Arambam, Director (Institutional Finance), Manipur stated that the ongoing social disturbances since 3rd May, 2023 have adversely affected all sections of the society and economy in the State. Many banks have reported huge increases in stressed assets of their loan portfolios.
Keeping in view the present situation, the Government of Manipur issued Notification No. OTH-IF2/3/2023-DIF-DIF dated 21st June, 2023 whereby relief measures may be taken up under RBI’s (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018.
The statement stated that borrowers, whose repayment capacity have 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.
The opening of bank branches and ATMs was also reviewed by the Chief Secretary. Out of a total of 241 bank branches in the State, 218 have been opened as on July 6, 2023.
The rehabilitation/restructuring measures will not be applicable to those accounts which have been classified as NPA at the close of business as on 3rd May, 2023.
Also read:Â Laitumkhrah late night brawl: Five arrested for arson & vandalization in Police Station
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