Kerala State Co-Operative Agricultural and Rural Development Bank has decided to write off loans of 52 borrowers affected by Wayanad landslides, amounting to over Rs 1.5 crore. Bank to complete process within a month and provide financial assistance to affected people.
Kalpetta: In a major relief to the landslide-affected people of Wayanad, the Kerala State Co-Operative Agricultural and Rural Development Bank has announced that it will write off the loans of 52 borrowers who were impacted by the recent landslides. The bank has decided to waive off a total of 64 loans, amounting to over Rs 1.5 crore.
According to bank officials, the decision was taken to provide relief to the borrowers who were affected by the floods and are facing financial difficulties. The bank will complete the process of writing off the loans within a month and will also return the pledged properties to the borrowers.
In addition to writing off the loans, the bank has also decided to provide financial assistance to the landslide-affected people. This move is expected to bring relief to the people of Wayanad who were affected by the recent floods.
In August, Kerala Bank's Chooralmala branch decided to write off loans availed by the individuals there. This exemplary act was seen as a relief for those affected by the massive landslides and lost their way of life. Though the volume of loans disbursed from the Kerala Bank is still unclear, the loans availed by the individuals in the area is in the tune of Rs 29 crores.
Following the devastating landslides, Kerala Bank earlier contributed Rs 50 lakh to the Chief Minister's Distress Relief Fund (CMDRF) to help relief and rehabilitation activities in Wayanad.
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