Stalin asks Indian government to provide moratorium to families, businesses in cyclone-hit districts
Chennai: Chief Minister MK Stalin on Thursday urged Union Finance Minister Nirmala Sitharaman to put a moratorium on loan payments to families and business entities affected by Cyclone Michong in Chennai, Chengalpattu, Kanchipuram and Tiruvallur districts.
Drawing his attention to the plight of 37 lakh families in the above districts, whose livelihoods were significantly disrupted and properties damaged due to the incessant rains, Stalin said, “Although we have been able to restore normalcy in their daily lives , but their livelihoods are still in jeopardy for many. Small businessmen, traders and MSME units affected by the floods have still not returned to their regular economic activities.”
“I request your immediate intervention to direct all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all India financial institutions and non-banking financial companies (including housing finance companies) Moratorium on payment of all installments in respect of all term loans (including agriculture term loans, retail and crop loans) taken by households and business units in these four districts for a period of 3 months from December 1, 2023 to February 29, 2024. Stopped,” the CM said in his demi-official letter to Ms Sitharaman.
Stating that many families and business entities will find it impossible to repay their loan dues under these difficult circumstances, the Tamil Nadu Chief Minister said there is an urgent need to ease the burden of loan repayments by relaxing the repayment schedule. Out of this crisis.
“The repayment schedule and all due dates thereafter, as well as the tenure of such loans, have been shifted by three months,” Stalin said while requesting the minister to allow lending institutions to grant a moratorium of three months on payment of interest. May go.” In respect of working capital facilities sanctioned in the form of cash credit/overdraft on all such facilities outstanding as on December 1, 2023.
