Kerala

CM urges banks to help bail out cashew sector

Chief Minister Pinarayi Vijayan on Monday asked banks to consider a moratorium on repayment of loans taken by cashew industries in view of the crisis in the sector. Chairing a meeting of representatives of the State-Level Bankers Committee to discuss the revival package announced by the government for the ailing industry, he urged bankers to sanction additional loans for the cashew industries and waive the penal interest while restructuring existing loans. He also suggested a one-time settlement scheme by banks. Minister for Cashew Industry J. Mercykuty Amma called on banks to cooperate with the industries and implement the revival package to resolve the crisis. She said the failure to provide loans in time was hobbling the industry.

Principal Secretary, Planning and Economic Affairs A. Jayatilak was among those present.

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Printable version | Mar 28, 2020 9:35:10 PM | https://www.thehindu.com/news/national/kerala/cm-urges-banks-to-help-bail-out-cashew-sector/article30966194.ece

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