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Citing ongoing rehabilitation and reconstruction in the affected areas, the government said humanitarian considerations warranted a further extension.
If the borrower's farmland has been ruined completely, his/her agricultural loan will be allowed 5 years moratorium on repayment.
The State Cabinet decided to enforce a moratorium on bank loans by taking into account the acute COVID-19 crisis and the losses suffered by the farmers in the floods.
The Opposition leader called for the immediate suspension of all recovery proceedings in Kerala.
The government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative Bank.
Kerala Finance Minister KN Balagopal raised the demand at his meeting with Union Finance Minister Nirmala Sitharaman in New Delhi
Kerala has sought a moratorium of loans without accrual of interest and penal interest during the moratorium period.
When Reserve Bank announced the moratorium on loans from March to May, it had not specified whether customers had to submit an application to benefit from the grace period.
In an affidavit filed in the apex court in the loan moratorium case, the RBI has said that a long moratorium period could impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments.
The court, on October 5, had observed that the Centre's affidavit did not contain necessary details and had asked the Centre and the RBI to file fresh ones in the case.
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