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Banking, Financial Relief Measures Announced For Kerala

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Banking, Financial Relief Measures Announced For Kerala

NEW DELHI: The government on Wednesday took several measures on the banking and financial front, including the concessional loan for rebuilding homes, to provide relief to the people in flood-ravaged Kerala.
Financial Services Secretary Rajeev Kumar, in a series of tweets on relief measures for Keralites, said the National Housing Bank (NHB) will provide Rs. 200 crore housing loan at a concessional interest rate, and announced other support measures in banking.
Body of Water Next to Mountain during Day Time
“For construction and repair of homes affected by #Keralafloods, Rs 200 crore allocated from the refinance scheme of @NhbIndia under #AffordableHousingFund to facilitate #HousingLoan at concessional interest rate,” Mr Kumar tweeted.
The relief measures include moratorium up to one year and instalment rescheduling for home loans as per the need. Top-up loan can be availed for home repair There will be no penal interest and no compounding of interest during the moratorium period.
“Flood-affected brothers in Kerala have had one less thing to worry about i.e. financial transactions,” Mr Kumar said in another tweet.
There will be no charges for duplicate passbooks, deposit receipts, account statements, issuing fresh debit cards, cancellation and issuance of check books, and issuance of photo-affixed passbooks in case of loss of KYC documents, among others.
Further, no charges will be levied for non-maintenance of minimum balance or other charges for distress relief assistance received from government through Direct Benefit Transfer (DBT). Also, while there will be no ATM charges, the ATM withdrawal limit has increased.
“Banking services restored through temporary bank branches. Mobile ATMs deployed, sufficient availability of lower denomination notes for urgent needs. Committed to restore lives back to normal,” he wrote in Twitter.
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Other relief measures taken for facilitating banking in flood-affected Kerala included exchange of soiled, mutilated and defective notes at all branches of banks, and soggy, pulpy notes to be collected with name, address and account details, to be sent to the RBI of India (RBI)
According to him, staff at the counters have been sensitized to provide hassle-free services.
“To stabilise the worst hit #Agriculture & #MSMEs sectors in flood-affected #Kerala – following measures including moratorium, need based fresh loans, no penal interest on current dues etc.,” he tweeted.
Fresh consumption loans up to Rs. 10,000 will be granted on need basis, while security and margin have been waived, and the new loans are repayable in 36 months.
Loans related to agriculture and allied activities have given a moratorium for one year, including extension of repayment by one year, current due on no penal interest and interest in compounding.
Loans related to MSMEs have also given one-year moratorium and granted extension of repayment period.

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