Cyclone Michaung: Stalin Writes To FM Requesting Moratorium On Loan Repayment For MSMEs In 4 TN Districts

CM Stalin requested Finance Minister’s urgent intervention to direct all commercial banks to issue a moratorium for 3 months from December 1, 2023 to February 29, 2024 in four districts.

The Chief Minister underscored the pressing need for a moratorium with an aim to alleviate the burden on affected families and businesses.

Source : PTI

In a significant move addressing the economic challenges brought about by Cyclone Michaung, Tamil Nadu Chief Minister MK Stalin wrote to Union Finance Minister Nirmala Sitaraman requesting to provide moratorium on loan repayment for MSMEs and small businesses. With 37 lakh families grappling with the aftermath of relentless rain and economic disruption in Chennai, Chengalpattu, Kanchipuram, and Thiruvallur districts, the Chief Minister underscored the pressing need for a moratorium with an aim to alleviate the burden on affected families and businesses.

Taking to X, Tamil Nadu CM Stalin said, "Small businessmen, traders and MSME units Impacted by the floods are yet to return to their regular economic activities. Many of these families and business entities have availed loans for various purposes and would be finding it impossible to repay their dues in these difficult circumstances."

"There is an urgent need to mitigate the burden of immediate debt servicing by relaxing repayment schedules till they come out of this crisis," he said.

 

“மிக்ஜாம்” புயலினால் பாதிக்கப்பட்ட சிறு வணிகர்கள், வர்த்தகர்கள் மற்றும் சிறு, குறு மற்றும் நடுத்தர நிறுவனங்கள் கடன் தொகையினைத் திருப்பிச் செலுத்தும் கால அட்டவணையை மூன்று மாதங்களுக்குத் தளர்த்திடக் கோரி மாண்புமிகு ஒன்றிய அமைச்சர் திருமதி @nsitharaman அவர்களுக்கு மாண்புமிகு… pic.twitter.com/1U0BP62R5H

— CMOTamilNadu (@CMOTamilnadu) December 14, 2023

 

The CM requested the Finance Minister’s urgent 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) to issue a moratorium for 3 months from December 1, 2023 to February 29, 2024 on payment of all installments in respect of all term loans availed by families and business units in these four districts.

Meanwhile, Andhra Pradesh government sought financial assistance of Rs 3,711 crore from the Central team visiting the state to assess the trail of destruction left by Cyclone 'Michaung'.