Providing relief to farmers and industrial sector in cyclone-affected districts, State Level Bankers’ Committee (SLBC) has instructed banks to reschedule existing loans and provide fresh ones by immediately implementing a relief package as per RBI guidelines.
The relief package includes a one year moratorium and rescheduling the annual loan repayment into three, five or seven years.
Talking to reporters after 187 meeting of the SLBC here on Friday which focused on relief measures in cyclone-affected districts, Andhra Bank General Manager and SLBC’s convenor, C. Doraiswamy, said with the State government issuing notification declaring 120 mandals in the districts of Visakhapatnam, Vizianagaram, Srikakulam and East Godavari, the banks would have to complete the relief package within 90 days from the date of the calamity.
He said loans of allied sectors of the agriculture and self-help groups would also be covered by the package.
Earlier addressing the meeting Principal Secretary (Finance) Ajay Kallam, appealed to the banks to concentrate on helping the MSMEs and other industries in urban areas along with agriculture sector as the industries too suffered damage, apart from the infrastructure.
He said the Union government was deputing a Central team after November 12 to visit the affected areas and assess the damage to work out the quantum of assistance.
Andhra Bank Chairman and President of SLBC C.V. R. Rajendran assured the State government of the total support of SLBC and banks in extending necessary relief measures. The banks would come forward for rebuilding the city of Visakhapatnam and making it a Smart City as envisaged by Prime Minister Narendra Modi, he said.
