Chief Minister Stalin has written a letter to the Finance Minister seeking more time for small businessmen and trading companies to pay off their loans

The Forecast 2 years ago Tamil Nadu

The chief minister of Tamil Nadu, M.K. Stalin, has written to the union finance minister, Nirmala Sitharaman, asking for a three-month extension on the loan repayment schedule for small and medium businesses, traders, and entrepreneurs hit by cyclone "Mikjam."

As mentioned in Stalin's letter, the livelihood of 37 lakh families living in four districts, namely Chennai, Chengalpattu, Kanchipuram and Thiruvallur, has been affected by Cyclone "Miqjam." Also, their belongings were damaged. Although the affected people have been able to restore normalcy, the impact on their livelihoods continues. Flood-affected small businessmen, traders and small, micro and medium enterprises have not returned to their regular economic activities.

Many people affected by the storm and business enterprises have taken loans from banks for various purposes and are now struggling to repay their dues. Loan repayment schedules should be relaxed until they recover from this crisis. Also, for all term loans issued by commercial banks, cooperative banks, all India financial institutions, and non-financial institutions, from December 1, 2023, to February 29, 2024, installments will be waived, and lending banks may be deferred for three months in payment of interest.

Therefore, considering the urgency of the issue, I request the Finance Minister to personally intervene in this matter and issue necessary orders immediately to ease the burden of repayment on the affected people,” CM Stalin said in the letter.