The Reserve Bank of India (RBI) in a press conference held on March 27, 2020, announced that all banks and NBFCs have been permitted to allow a moratorium of 3 months on repayment of term loans outstanding between on March 1, to May 31, 2020.
The RBI in its statement 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, may be shifted across the board by three months. "
For more information and updates please follow the link:
https://m.economictimes.com/wealth/borrow/lending-institutions-to-allow-3-month-moratorium-on-all-term-loans/articleshow/74840850.cms
