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Good news! Repayment of credit card dues can be deferred by 3 months

28/03/2020 at 11:34 AM

RBI

New Delhi, Mar 28: The Reserve Bank of India (RBI) has clarified that banks and financial institutions can allow three-month moratorium on repayment of credit card dues to provide relief to customers amid coronavirus lockdown.

Banks and other financial institutions are allowed to permit moratorium on three months on payment of instalments falling due from March 1, 2020 to May, 2020, the central bank said on Friday.

The RBI said the repayment schedule for such loans will be shifted by three months after the moratorium period.  And, interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.

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