Banks in Kerala to defer loan payments, waive charges

Banks in Kerala have decided to reschedule loans and to not levy service charges and fees for issuing new cheque books to customers affected by the floods that has left a trail of destruction. The state Level Bankers Committee, Kerala, at its emergency meet yesterday also decided to announce a moratorium on education loan for a period of six months and all other loans for one year besides rescheduling the loan repayments for five years.

Canara Bank Chairman T N Manoharan and its Executive Director and SLBC Chairperson P V Bharathi also said no fees would be levied for debit card and cheque books, among other things, for customers affected by the floods.

“We will not charge any fees from customers affected by floods to restart their banking activities. This will come into force immediately and this facility would be available till October 31,” Bharathi said.

All documents and data were safe as there was a Disaster Recovery Centre for every bank, she said.