IT News
Imphal, Aug 6:
Chief Minister N. Biren Singh, in charge of Finance, today said that the Reserve Bank of India has denied a moratorium extension for loan borrowers. Replying to a calling attention motion moved by Congress MLA Okram Surjakumar, N. Biren said that the Reserve Bank of India (RBI) had been approached to grant this extension, as the economy has been severely impacted. However, it has been denied.
Congress MLA Surjakumar Okram, in a calling attention motion in today’s ongoing session, raised the issue of the demand for the extension of the loan moratorium in light of recent floods, hailstorms, and ongoing conflicts.
Surjakumar Okram, in the assembly today, stated, “Businesses and farmers, who have taken loans for equipment and other needs, are struggling to repay their debts. According to an RBI report, loans amounting to 2706.5 crore rupees have been taken in Manipur, with 1.2 lakh loan accounts in the priority sector. People are demanding a further extension of the moratorium, which had provided relief measures for one year.”
He stated that the RBI has asked that the bankers’ committee approach the RBI on this matter. He urged, “The Special State Level Bankers’ Committee should declare the state as affected by riots and other disturbances, as businesses, including hospitals, the hotel industry, and many other industries that have taken substantial loans, are experiencing dwindling revenues.”
Chief Minister N. Biren Singh, responding to the motion, stated, “We have been asking the RBI for an extension. Initially, they agreed to a one-year moratorium, but they refused to extend it further, citing unprecedented circumstances.”
He acknowledged the risk of Non-Performing Assets (NPAs) if we go by the usual road. He stressed that efforts are ongoing, including discussions with higher authorities and the Finance Ministry. “We are hopeful that they will take action. The Finance Ministry’s response was positive, so I expect something favorable will happen. The state government will do whatever it can to assist,” he added.
He also informed that a bankers’ committee meeting has already taken place.
