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Tripura govt directs MFIs to announce moratorium for borrowers

While chairing a high-level meeting with them Dev Varma reiterated the decision of central government about Covid moratorium to the borrowers and entrepreneurs in the Covid-19 situation

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Agartala: The Deputy Chief Minister holding finance portfolio Jishnu Dev Verma asked the Small Finance Banks (SFB) and Micro Finance Institutions (MFI) to declare a loan moratorium to their borrowers till August this year considering the Covid pandemic situation.

While chairing a high-level meeting with them Dev Varma reiterated the decision of central government about Covid moratorium to the borrowers and entrepreneurs in the Covid-19 situation. However, in a few cases complaints have been raised against MFIs and small banks for pressuring borrowers for regular installments and Congress party has recently brought the matter to the notice of the state government seeking relief.

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“On principle SFBs and MFIs have agreed to announce loan moratorium for their borrowers till August next but the modalities and functional approach of offering the benefit would be decided by their respective Board of Directors, which will be communicated to Institutional Finance authority of Tripura government by June 5,” Dev Varma said.

He pointed out that the scheduled commercial banks agreed to publish in newspaper the detail of their loan restructuring modality for the benefit of common citizens while nationalized banks including Tripura Gramin Bank and Tripura State Co-operative Bank have already declared moratorium for their customers especially in case of MSME and other Priority Sector Loans up to September.

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