Friday, May 22, 2020

Reserve Bank of India's Governor Shaktikanta Das announces 3 months loan moratorium extension

Following the Coronavirus pandemic crises, the Reserve Bank of India's (RBI) Governor Shaktikanta Das on Friday announced an extension of loan moratorium further by three more months, making it total of six months moratorium on loans and equated monthly installments (EMIs), that was first introduced from March 1. In this regard, all banks including regional rural banks, small finance banks, co-operative banks, all-India Financial Institutions, and NBFCs (that includes housing finance companies and micro-finance institutions) to allow a moratorium period of three additional months on payment of installments to customers who owe term loan payments as well as EMIs, starting June 1 to August 31 in India.


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