Visakhapatnam: SBI deputy general manager KN Nayak has said that the bank will be offering assistance, on merits, to its customers affected by the cyclone.
“The Cyclone Hudhud has caused unprecedented damages and devastation to industrial units and allied agricultural activities like poultry, dairy, cold storage, rural godowns etc. in north coastal districts. As a pro-active measure, State Bank of India will assist its customers in restructuring of existing working capital facilities of MSME customers by converting the irregular/unsecured portion of working capital into Working Capital Term Loan, which is repayable within 5 years as per cash flows of the unit,” he said.
The DGM further said about sanctioning additional working capital facilities to the existing MSME Customers up to 20 per cent of the existing limits repayable within 12 months by giving initial moratorium period of 6 months, sanction of fresh working capital for purchasing new batches of birds and feedstock in respect of poultry units.
