The Indian Chamber of Commerce and Industry, Coimbatore, has appealed to the banks to consider its proposal for one-year moratorium on repayment of loans as the industries here are hit by power shortage.

Chamber president R.R. Balasundaram said in a release that the Chamber had appealed to Union Finance Minister P. Chidambaram to advise banks to consider one-year moratorium on repayment of loans.

The Minister has requested the Chairman and Managing Director of Indian Overseas Bank to hold a special meeting of the State-level Bankers’ Committee – Tamil Nadu to discuss the issue. Hence, the special meeting will be held on December 3 in Chennai.

On behalf of the business community of this region, the Chamber thanked the Minister for the prompt action, he said further.