How is the Indian government helping borrowers in Manipur during the pandemic
Manipur has invoked the RBI's riot provisions to aid borrowers who have been affected by the pandemic.
- Manipur has invoked the RBI's 'riot provisions', which allow banks to restructure loans to borrowers affected by natural calamities and other catastrophic events.
- Borrowers in Manipur can avail a moratorium on their loans, which means they can defer their loan repayments for a certain period without incurring any penalties or additional charges. The moratorium has been extended multiple times to help borrowers cope with the ongoing crisis.
- The government has also announced a series of stimulus packages and loan guarantee schemes to support small and medium-sized businesses in the state. These measures aim to ensure that borrowers have access to credit at affordable rates, which can help them recover from the economic impact of the pandemic.
- Banks in Manipur have also been directed to provide additional credit to borrowers who have been affected by the pandemic, subject to certain conditions such as their creditworthiness and repayment capacity.
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