Imphal, 09th July 2023: According to Anna Arambam, Director of the Manipur Institutional Finance Department, the bankers’ committee meeting determined that banks will reschedule existing loans and authorise new ones to borrowers in the agricultural, MSME, and retail sectors.
Officials further stated that banking institutions in the conflict-torn state of Manipur had been instructed to prolong the moratorium on loans for a period of up to 12 months. The banks have been allowed to extend the moratorium period for up to 12 months from the implementation date of the rehabilitation and restructuring measures.
Borrowers whose repayment capacity has been seriously impacted by disruptions in economic activity and the loss of financial assets are encouraged to contact their banks in order to apply for the moratorium and other rehabilitation and restructuring measures.
The Manipur government has also recently announced that relief measures may be conducted under the RBI’s (Relief Measures by Banks in Natural Disaster-Affected Areas) Directions, 2018.
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