RBI Governor made an announcement about the Loan interest because of the Lockdown in India. Most of the people don’t able to pay there EMI’s due to the Covid-19. Governor Shaktikanta das on Friday said lending institutions, all banks may allow 3 months moratorium and deferment on all types of loans. This announcement made as to the RBI’s four-point plan to fight with economic effect due to Covid-19.
After The Announcement, Now Bank has the final decision whether they want to allow month relaxation on the loans. According to this Moratorium, Now Loans holders can postpone there EMI’s to the next 3 months.
All the types of banks, NBFC, Lending institutions, All India Financial Institutions, Regional rural banks, small banks, local area banks are being permitted to allow postponing 3 months EMI to all types of loans as on March 1, 2020. The repayment schedule, subsequent due dates, and tenure may shifted to the next three months” The RBI Statement Said. They also added that Credit card payments shall not be applied as same, Credit cardholders will be required to pay their dues as normal.
The announcement came a day after Finance Minister Nirmala Sitharaman announced a financial package for the people who have been affected due to the lockdown in the country. The government announced lockdown till 14th April and till 27th march, There were 724 confirmed cases with 17 deaths in India.