Kerala CM seeks cooperation of banks to tackle economic challenges caused by COVID-19

In view of COVID-19, Kerala Chief Minister Pinarayi Vijayan on Thursday asked banks to increase cooperation with people facing economic challenges caused by the pandemic. While addressing the State Level Banker's Committee (SLBC) meeting, CM Pinarayi Vijayan directed the state's various sectors to come forward to reveal the issues being faced by them to the notice of the Reserve Bank of India.

While addressing the meeting, the Kerala CM said, "The package announced by the RBI in May offers exemptions for no-NPA accounts and borrowers below Rs 25 crore as of March". 

Kerala CM said, he has asked the Union Finance Minister to order banks to stop collecting unconditional interest and penalties from people who have been victims of the COVID-19 pandemic or are facing any kind of problem. He said the central government should declare a moratorium on taxes till December 31, 2021.

Farmers should get special care said CM Pinarayi Vijayan

"The central government has increased the allocation for the Emergency Credit Line Guarantee Scheme under the Atrmanirbhar package to Rs 4.5 lakh crore rupees. Banks should try to give maximum publicity to this program. The business community should get help from this, "said Vijayan, reported ANI.

The Kerala CM further highlighted that around 37 lakh farmers in the state who are connected to PM Kisan Yojna should get special care and coverage from the scheme and it should be made widely available to all farmers. He further said that loans for cultivation and agriculture should be provided to farmers who are working on leased land.

Banks should cooperate with the public

As part of the 100-day program, the Kerala CM asked banks to provide assistance to farmers and coordinate with the state agricultural department. While addressing the SLBC members, he directed banks to help the public and provide assistance to farmers in arranging post-harvesting infrastructure. He also asked bank heads to help with funds and assist the state's tourism sector by providing required funds from time to time.

He also asked banks to provide funds for the revival of the cashew industry and instructed state cooperative banks to look after people who are facing foreclosure proceedings so that they do not lose their homes under the Sarfaesi Act.

IMAGE: PTI

(With Some ANI Inputs)