Manipur seeks 12-month moratorium on retail loan EMIs

economictimes.indiatimes.com:

Manipur government has instructed banks to extend by up to 12 months a moratorium given on retail loan payment in the state, as normal life continues to be affected due to ethnic violence that started more than two months ago. The state government had last month invoked provisions under the Reserve Bank of India’s (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018, and asked banks to provide a moratorium on EMP payments on retail loans such as personal, vehicle and housing loans. A follow up meeting between banks and state authorities on July 1 decided that banks would provide relief measures also by way of rescheduling of existing loans and sanctioning of fresh loans, including to the agriculture and MSME sectors. A statement from the state finance department said borrowers, whose repayment capacity has 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 of the moratorium and other rehabilitation and restructuring measures. This facility, though, will not be available for accounts that had been classified as non-performing assets on or before May 3 this year.

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Several banks have reported an increase in their stressed assets in the state since the ethnic violence started on May 3. A meeting held by the chief secretary also reviewed the working of bank branches and ATMs. Out of