Coronavirus: RBI allows 3-month moratorium on loan EMIs, deferment of interest payment

Coronavirus: RBI allows 3-month moratorium on loan EMIs, deferment of interest payment
27/03/2020 8 Comments Business admin

RBI Governor Shaktikanta Das said the two steps would not be classified as default, will not impact credit history of the borrower and will not result in asset classification downgrade.

People stand at a safe distance form each other outside a bank in CTM area, Ahmedabad.

The Reserve Bank of India has decided to allow all lending institutions to permit a three-month moratorium on payment of installments of all loans. It has also allowed deferment of payment of interest on working capital. The steps announced by the central bank Thursday were part of its contingency plan in the wake of the coronavirus pandemic.

RBI Governor Shaktikanta Das, addressing the press, said the two steps would not be classified as default, will not impact credit history of the borrower and will not result in asset classification downgrade.

Following the meeting of the Monetary Policy Committee (MPC), the bank announced it would cut its repo rate by 75 basis points (bps) to 4.4 per cent. This apart, the reverse repo rate stands reduced by 90 bps to 4 per cent.

It refrained from giving out inflation and growth numbers due to uncertainty, while adding that the outlook for 2021 depends a lot on “intensity, spread and duration of the coronavirus”.

Rate cut and loan-repayment moratorium: How RBI is trying to reduce pandemic stress

Das said the bank was in “mission mode” and has taken a number of steps to combat the coronavirus. “It is worthwhile to remember that tough times never last. Only tough people and institutions do,” Das said, adding that he was “optimistic” of the situation. Till date, the central bank has injected funds worth 3.2 per cent of the GDP through various instruments.

Leave Comment
  1. 1

    porno

    I am genuinely grateful to the owner of this web page who has shared this enormous paragraph at at this time. Marcellina Alphard Alber

    Reply
  2. 1

    bahis

    This is a truly enchanting website I forced to say. Willetta Bentlee Autry

    Reply
  3. 1

    hindi movie

    I wish to point out my appreciation for your kindness giving support to those people who should have help on this matter. Your very own dedication to getting the solution all around was extremely effective and has continuously empowered employees just like me to attain their endeavors. This warm and helpful guide means a great deal a person like me and additionally to my peers. With thanks; from all of us. Caril Von Laughlin

    Reply
  4. 1

    torrent

    Merely wanna input that you have a very decent internet site , I enjoy the design and style it actually stands out. Helenka Dewitt King

    Reply
  5. 1

    yabanci

    Hey, I think your website might be having browser compatibility issues. When I look at your blog in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, superb blog! Bobinette Deane Alisen

    Reply
  6. 1

    hindi movie

    in a speech last week. I am not sure a secular state is the best, we should be pragmatic. I am willing to give money to build new mosques and to educate imams but I will not give money to the swedish churhes. Furthermore he said that 90% of women from the middle east are withtout work. Therefore we have to make them more welcomed here andstrengthen the muslim community. Sweden takes more immigrants per capita than any other europen country. Somalia,Irak,Afghanistan and Syria are the were they are coming from. Nothing about this in the swedish media. Cal Avigdor Moorefield

    Reply
  7. 1

    turkce

    A motivating discussion is definitely worth comment. There’s no doubt that that you should write more on this issue, it may not be a taboo subject but typically folks don’t speak about such subjects. To the next! Many thanks!! Cortney Paxton Brothers

    Reply
  8. 1

    erotik

    I have been exploring for a little for any high-quality articles or weblog posts in this kind of space . Exploring in Yahoo I ultimately stumbled upon this site. Studying this information So i am glad to show that I have an incredibly just right uncanny feeling I came upon just what I needed. I most undoubtedly will make sure to do not forget this site and give it a look on a relentless basis. Chantalle Zed Whiteley

    Reply

Leave a reply

Your email address will not be published. Required fields are marked *