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RBI: EMIs put on hold for next 3 months, Term Loans also postponed

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In order to help Indians deal with the falling economy due to Coronavirus, the Reserve Bank of India has made some important decisions today. As per the information, the RBI introduced different relief measures to alleviate financial difficulties. Starting from the moratorium of term loans and EMIs for three months to slashing the repo rate, the bank helped the citizens deal with the situation.

RBI Governor quoted, “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.”

In addition, he said: ” 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.”

PM Modi also appreciated the step and said:

Even Finance Minister Nirmala Sitharaman took her twitter to express her appreciation on the step taken by RBI Governor, she tweeted:

 

 

Source: India Today

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