If Tripura Law Minister Ratan Lal Nath is to be believed, seven lakh people in Tripura are likely to benefit from the Reserve Bank of India’s (RBI) loan moratorium rules. 

Tripura Law Minister Ratan Lal Nath said: “The RBI has provided some relief to people by allowing them to restructure loan terms with their banks and micro finance companies. This will directly benefit around 7 lakh people.”  

He added, “I appeal to all to contact their banks and micro finances institutions to avail this opportunity, which will be available till September 30 next.” 

Ratan Lal Nath said on May 5, the RBI announced that all the loans which have been identified as NPAs (non-performing assets) from April 1, 2021 onwards will be “subject to restructuring of loan terms”. 

Accordingly, borrowers can change the amount and term of their loan repayment instalments. 

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Similarly, microfinance banks and firms (MFIs) can bring their customers’ loans under the debt Reconciliation. In both cases, the facility will be available until September 30, 2021. 

“In order to avail the benefits of this scheme, the concerned borrower has to submit an application to the branch of the respective bank, micro finance institution. Borrowers can contact their respective bank branches and branches of Micro Lending Institutions (MFIs) for details,” Nath added. 

He said that there was a long pending demand from a section of people to grant them relief on loan repayment.                

Nath also informed that Tripura deputy chief minister Jishnu Dev Varma on June 2 had chaired an important meeting with the representatives of banks and micro finance companies and urged them to provide moratoriums in the time of crisis. 

“In the meeting the companies and banks were requested to not pressurise the beneficiaries at this moment and the same was accepted by the banks,” Nath added. 

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