Throughout the year, people in one geographic part or the other, face one or more natural calamities due to floods, drought, perennial rains, earthquakes, cyclones, storms, etc. The end result is heavy toll on lives, and resources. Sometimes the intensity and reach of devastation caused by such natural calamities is so high that even watching them on the television sets at home makes us shiver. These calamities not only lead to loss of thousands of people's lives, destruction of the shelters of the residents/occupants; making people homeless, but they also take away the various options of livelihood of these people as also the hope to start anew when the dance of the destruction stops.
All these call for massive rehabilitation efforts that also include restoration of economic pursuits of the people by all agencies, so that they can lead a normal life after some effort and after some time. Here commercial banks, especially the Public Sector Banks (PSBs) with their wider reach and presence can really contribute immensely, as these banks have a special role been assigned to them, i.e. the developmental role.
Though the banks are supposed to come forward and act on their own, some times they do face a dilemma how to help these people without violating the rules and regulations? The Reserve Bank of India (RBI), after recognizing these types of dilemmas, has very adeptly and correctly come forward by outlining the standard guidelines for relief measures (granting financial assistance through fresh loan or deferment of earlier loan repayments, etc. to agriculturists, artisans, small traders, and small scale industries). Following these guidelines certain preventive and curative action can be quickly taken by banks in a less cumbersome way and which will help reduce the agony of people who are struck by natural calamities. |
