Hyderabad: Banks will help rebuild industry and infrastructure sectors along with agriculture and allied sectors devastated by Hudhud cyclone in 120 mandals of Visakhapatnam, Vizianagaram, Srikakulam and East Godavari districts.
Banks will also reschedule loans for agriculture and industry sector, particularly the micro, small and medium enterprises with a one-year moratorium and extending the repayment facility in three, five or seven installments in an equal number of years.
Individual banks will decide on the merit the individual case of big industries, which have obtained huge loans and have maximum insurance coverage.
After the SLBC meeting, Andhra Bank general manager and SLBC convener C. Doraswamy said the banks were told to complete rescheduling of loans and extend fresh lending as per the RBI guidelines before January 12, 2015, i.e., within 90 days from the date of Hudhud incident which hit Vizag and other districts on October 12.
Principal secretary of the AP finance department Ajay Kallam appealed to the bankers for special help to the industries in addition to agriculture. “We expect the banks to help the industry sector in getting insurance coverage, reschedule their loans, extend fresh loans so that they can recover,” he said.
SLBC president and chairman and managing director of Andhra Bank C.V.R. Rajendran said, “Government authorities should declare Annewari to indicate extent of crop loss. The banks will come forward to rebuild Visakhapatnam and make it a smart city as envisaged by the Prime Minister.”
Mr Rajendran said, the AP Chief Minister wants the banks to ensure insurance claims up to Rs 5 lakh to be settled immediately.
Mr Rajendran said, Rs 2.5 crore, (one day’s salary of all Andhra Bank staffers), has been donated to the AP Chief Minister’s Relief Fund for Hudhud.
