Nation

10 months ago

State Bank of India Offers Moratorium to Loan Borrowers in Manipur

State Bank of India (symbolic picture)
State Bank of India (symbolic picture)

 

Kolkata (August 17,2023) : State Bank of India (SBI) has announced a moratorium of up to 12 months on equated monthly installments (EMIs) for loan borrowers in Manipur. The relief package is being offered in response to the ongoing unrest in the state, which has disrupted normal life and affected the ability of borrowers to repay their loans. The moratorium will be available to all borrowers, including individuals, businesses, and institutions, whose accounts had not turned non-performing assets (NPAs) as on May 3, 2023. To avail of the relief, borrowers will need to approach their respective SBI branches and submit a request.

The moratorium is a welcome relief for borrowers in Manipur, who have been struggling to make their loan payments due to the unrest. The package is expected to help borrowers to tide over the current crisis and avoid defaulting on their loans.

The moratorium is also a sign of the government's commitment to supporting the people of Manipur. The government has already announced a number of other measures to help the state, including the deployment of additional security forces and the release of financial assistance. The moratorium is a temporary measure, and borrowers will eventually need to resume their loan payments. However, it will provide much-needed relief to borrowers in Manipur and help them to get back on their feet.


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