Bank loans waived for landslide victims in Wayanad; Special relief measures announced

KALPATTA: Bank loans will be waived off for those affected by landslides in Mundakkai and Chooralmala in Wayanad. Kerala State Agricultural Rural Development Bank has decided to write off 64 loans of 52 people.

Earlier, following the Wayanad disaster, the Kerala Bank Board of Directors had decided to write off the loans of the residents of Chooralmala. Loans taken from Chooralmala branch will be written off. The loans of those who died in landslides and those who lost their houses and property will be written off. There are currently nine people on the list. Kerala Bank also contributed Rs 50 lakh to the Chief Minister's Relief Fund. Kerala Bank employees will contribute five days' salary to the Chief Minister's Relief Fund.

A decision was taken a few weeks ago in the meeting of the state level bankers' committee to cooperate with a practical approach for the reconstruction work in Wayanad, where there was a landslide disaster. Banks will take decisions including those who died in calamities, those who have lost their properties, etc. Accordingly, a one-year moratorium will be given for some, including agricultural loans. The new loans will be converted into new loans with a repayment period of five years plus interest and arrears.

Financial assistance will be provided after careful evaluation of each livelihood sector. Special loans will be given to those who have lost their agricultural income and their agricultural land remains and those who have lost their agricultural land. The interest and repayment period including the collateral conditions will be determined as per the norms issued by the Reserve Bank under the Natural Disaster Act. Everything has discounts. 3220 people have taken loans in disaster areas. Their total loan amount is 35.32 crores.