Hon'ble Tmt @nsitharaman, I draw your attention to the pressing need for a loan repayment moratorium in the aftermath of #CycloneMichaung in...
Chief Minister M.K. Stalin urged Union Finance Minister Nirmala Sitharaman to grant a three-month loan repayment moratorium for cyclone-hit families and businesses.
M.K.Stalin@mkstalinOriginal post
Hon'ble Tmt @nsitharaman, I draw your attention to the pressing need for a loan repayment moratorium in the aftermath of #CycloneMichaung in Chennai, Chengalpattu, Kanchipuram, and Thiruvallur districts. The 37 lakh affected families are grappling with disrupted livelihoods and property damages.
Kindly consider granting a 3-month moratorium on loan repayments for families and businesses in these districts, providing much-needed relief during these challenging times.
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Tamil Nadu Chief Minister M.K. Stalin addressed a formal letter to Union Finance Minister Nirmala Sitharaman, urging the Centre and commercial banks to grant a three-month moratorium on loan repayments. The appeal focuses on providing immediate financial breathing room for an estimated 37 lakh families and micro, small, and medium enterprises severely affected by Cyclone Michaung across Chennai, Chengalpattu, Kanchipuram, and Tiruvallur.
Stalin explained that catastrophic urban flooding damaged household properties, commercial machinery, raw material inventories, and retail establishments, causing unprecedented disruption to daily livelihoods and commercial turnover. In these distress conditions, requiring regular monthly installment repayments on personal, housing, agricultural, and commercial loans imposes severe mental and economic stress on vulnerable borrowers striving to rebuild their lives.
The Chief Minister urged the Union Ministry of Finance and the Reserve Bank of India to instruct commercial banks, cooperative credit societies, and non-banking financial companies to halt recovery procedures and freeze repayment schedules without penalty. Stalin emphasized that targeted institutional credit relief during major environmental crises is essential to stabilize household economies and revitalize localized business ecosystems across disaster-affected industrial districts.