Manipur Finance department extends repayment of loans for 6 months till September 20

Imphal: Manipur Finance department has extended six months to repay relief debts in wake of the present crisis in the state.

The Government of Manipur had issued notification on June 21, 2023 for taking up relief measures under RBI’s (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018.

Accordingly, banks have provided relief measures by way of rescheduling of existing loans and sanctioning of fresh loans as per the emerging requirements of all loan borrowers (Agri, MSME and other retail loans).

Moratorium period was also extended up to 12 months from the date of implementation of the rehabilitation and restructuring measures, the Finance department director (Institutional Finance) Anna Arambam said.

For retail loans under P-segment (Personal/Pension/Vehicle/Housing loans, etc), EMI repayment was deferred by 12 months.

The timeline for extension of these relief measures ended on March 20, 2024. However, given the circumstances still prevailing in the state, it has not been possible for many of the loanees to come forward to avail the moratorium and restructuring during the previously prescribed timeline for extension of the relief measures, the director said.

“Taking into consideration the economic hardship faced by the people, the atate government has taken up the matter with the  ministry of Finance and RBI, and it has been approved to extend the timeline for implementation of the relief measures upto  September 20 this year.”

All the borrowers, whose repayment capacity have been severely affected due to disruption of economic activities and loss or damage of economic assets, including agriculture and allied activities may contact the concerned banks for availing the moratorium and other rehabilitation and restructuring measures before the last date of September 20, the director said.