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3-month moratorium on loans, EMIs: RBI Governor

27/03/2020 at 2:15 PM

RBI

New Delhi, Mar 27: A moratorium of three months of EMIs on all outstanding loans was announced by Reserve Bank of India RBI) Governor Shaktikanta Das today addressing a Press meet here.

RBI Governor Das said, “All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (lending institutions) are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020.”

“Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, maybe shifted across the board by three months,” he added.

This directive to all banks in the country could help millions of people who have exiting term loans and EMIs as they will not have to pay any instalments on them for a period of three months.

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