SBI Offers EMI, Interest Payment Relief For Borrowers From Violence-Hit Manipur

Borrowers whose accounts have not turned non-performing assets (NPAs) as on May 3, 2023, will be eligible to avail of the relief, as per a notification from the SBI Manipur regional office. 

Borrowers seeking to benefit from this assistance should visit their respective home branches or any nearby SBI branch by August 31, 2023, said the SBI.

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Amid the ongoing unrest in Manipur, the State Bank of India (SBI) has offered relief on loans in the region to assist the borrowers. The relief package includes a moratorium of up to 12 months on equated monthly instalments (EMIs), interest payments, and other instalments, reported news agency PTI.  Borrowers whose accounts have not turned non-performing assets (NPAs) as on May 3, 2023, will be eligible to avail the relief, as per a notification from the SBI Manipur regional office. 

The package will be implemented based on an assessment date of May 4, 2023. Borrowers seeking to benefit from this assistance should visit their respective home branches or any nearby SBI branch by August 31, 2023, said the SBI announcement, the news agency reported. 

The SBI said it understands the challenges that individuals and businesses are facing in Manipur at this time and the relief package is aimed at providing them with much-needed support.

"The SBI's relief package is a welcome move for borrowers in Manipur who have been affected by the unrest. The moratorium on EMIs and interest payments will provide them with much-needed breathing space, and help them to manage their finances as normal life and economic activities have taken a setback,” an official said, as per the report. 

Over 160 people have lost their lives and several hundred have sustained injuries in the ethnic clashes between Meitei and Kuki-Zo communities. The clashes were triggered by a 'tribal solidarity march' organised in Manipur to oppose the majority Meitei community's aspiration for Scheduled Tribe (ST) status. The violence has so far displaced thousands of people forcing them to take refuge in relief centres or flee to neighboring states. 

Meanwhile, as per a PTI report, the CBI on Wednesday deputed 53 officers, including 29 women, drawn from its units across the country to probe Manipur violence cases.