SBI offers relief on loans to borrowers in Manipur

State lender, State Bank of India (SBI) has offered to extend relief on loans to its customers in Manipur, who have been affected by the ongoing unrest in the state.

The relief package includes a moratorium of up to 12 months on equated monthly installments (EMIs), interest payments, and other installments. It will be available to borrowers whose accounts had not turned non-performing assets (NPAs) as on May 3, 2023, a SBI Manipur regional office notice said.

The package will be implemented based on an assessment date of May 4, 2023. Borrowers who are interested in availing relief must approach their home branches or any nearby SBI branch by August 31, 2023, the bank said.

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.