Kerala: SLBC announces 1 year moratorium on loan repayments for Wayanad landslide survivors
The State Level Bankers' Committee in Thiruvananthapuram has announced a one-year moratorium on loan repayments for those affected by the Wayanad landslides. Banks will review accounts of families who suffered fatalities and consider writing off loans.
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FollowThiruvananthapuram: In response to the devastating landslides in Wayanad, a one-year moratorium on loan repayments has been declared for affected individuals. This decision was made during a meeting of the State Level Bankers' Committee in Thiruvananthapuram today (Aug 19).
Also Read: Kerala CM Pinarayi Vijayan urges banks to write off loans of those affected in Wayanad landslides
The banks will review the accounts of families who suffered fatalities and decide on writing off their loans. Recommendations have been made to waive the loans of families who lost loved ones and those who lost their primary breadwinners. However, the committee does not have the authority to completely waive off loans. Additionally, banks have been advised to write off loans taken by farmers who lost their crops and land.
Agricultural loans will have a five-year moratorium, with the first year being interest-free. This relief measure may also be extended to small-scale entrepreneurs. The majority of loans were provided by Gramin Bank, with a total of 12 banks having outstanding loans to landslide-affected survivors, amounting to Rs 35.32 crore. In that, 2460 people who have taken agricultural loans worth Rs 19.81 crore. 245 small entrepreneurs have taken loans worth Rs 3.4 crore.
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