RBI asks lenders to allow 3-month moratorium on EMI payments
PTI, Mar 27, 2020, 1:39 PM IST
New Delhi: The Reserve Bank of India on Friday asked all lending institutions to allow a three-month moratorium on EMI payments in order to infuse liquidity into the system as the economy grapples with COVD-19 challenges.
It has also allowed banks for deferment of interest on working capital loans for the next three months – until June 2020.
RBI Governor Shaktikanta Das in a press conference said these are extraordinary circumstances, and unprecedented measures are required to support the sagging economy as all the economic activities have come to a halt.
The liquidity measures announced by the RBI will make available a total Rs 3,74,000 crore to the country’s financial system.
Das said that the deferment on loan and interest repayments will not be classified as defaults and will not impact the credit history of borrowers.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42
Lohia Auto launches EV brand ‘Youdha’, aims to sell 3 lakh vehicles by 2027
“FM ji FM ji, itna tax main kaise bharun”, asks investor Vijay Kedia in viral post
RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm
Front-running case: Sebi bans 9 entities from market , impounds illegal gains of over Rs 21 crore
MUST WATCH
Latest Additions
Software engineer in Bengaluru loses Rs 11.8 crore to ‘digital arrest’ scam
Apologise for always insulting Ambedkar instead of doing drama: BJP to Cong on campaign against Shah
Farmer who threatened to commit suicide asked to cough up Rs 9.9 lakh by police for security arrangements
No question of forgiving BJP MLC Ravi at any cost for using derogatory word : Minister Laxmi Hebbalkar
Unnao rape survivor father’s death: Delhi HC extends Kuldeep Sengar’s interim bail till January 20
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.