In what is considered the heaviest monsoon most people from Kerala have experienced, in which sadly, 14.5 lakh people were forced to be relocated and 231 people have lost their lives, banks in Kerala have come forward to help the victims in flood-affected areas. Banks in Kerala unanimously came to the decision that loans have to be rescheduled and in addition, they have decided to waive the fee for issue of new debit cards and cheque books. The decision was announced by the State’s Level Bankers Committee. The committee said that they will reschedule payments for education loans for a period of 6 month and all other loans for 1 year to help the flood-affected victims get back on their feet.
According to a member from the Disaster Recovery Center, 323 bank branches in Kerala are inundated with water and 423 ATMs are submerged as well. That said, 162 branches have resumed work as the water has receded. Out of the 423 submerged ATMs, till date, only 82 ATMs have been activated.
In addition rescheduling loans, banks as well as credit lenders have waived penalties for late payment of credit dues or EMIs.
Source link: Business Standard