Bhubaneswar, May 17 (KNN) In a special meeting of SLBC Sub Committee on Micro, Small & Medium Enterprises (MSME) and skill development chaired by L N Gupta, ACS, MSME, all banks of the state have been requested to take necessary measures to assist MSMEs affected by the extremely severe cyclone ‘fani’.

Bankers were also requested to consider rescheduling/restructuring of loans of the affected MSMEs in line with the master directions of RBI (on Relief Measures by Banks in the Areas affected by Natural Calamities) – 2018.

Bankers were also asked to expeditiously decide the cyclone affected districts on 5,258 project applications pending with them for finance under PMEGP.

They may consider the mandatory minimum period of 90 days for restructuring of loans and consider to reduce the rate of interest in cyclone affected districts to address cash flow issues relating to MSMEs, the members present in the meeting said.

It was clarified by the state director, KVIC that margin money assistance target fund of Rs.107 crore is available for the current year.

In case a beneficiary has paid the first loan and is affected by the cyclone may be extended 2nd loan under PMEGP up to Rs 1 crore.

For restoring  livelihood in the cyclone affected rural and urban areas, the bank branches have been advised to sanction fresh loans to MSMEs under MUDRA, PMEGP and stand up programs.