Regulatory Alerts2024-10-20
Added
DFIM Circular Letter No. 31: Repayment/adjustment of loans of borrowers affected by recent floods
The document mandates that for identified flood-affected areas, loans in the agriculture and SME sectors classified as non-performing as of August 1, 2024, must have their installments paid within three months after the loan's original maturity date, and the period for restructuring such loans extended by three months. This relief applies to loans disbursed between August and October 2024, provided the finance company verifies the borrower's actual flood damage; otherwise, the original repayment schedule applies. Additionally, no penalties, late fees, or extra interest are to be charged on delayed payments for these affected borrowers.
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