Mumbai: Reserve Bank Governor Shaktikanta Das on Friday prolonged the moratorium on fee of loans by another three months till August to offer a lot-wanted reduction to debtors whose earnings has been hit as a result of coronavirus disaster.
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In March, the central bank had allowed a 3-month moratorium on fee of all time period loans due between 1 March, 2020, and 31 May, 2020.
Accordingly, the compensation schedule and all subsequent due dates, as additionally the tenor for such loans, have been shifted throughout the board by three months.
As a results of this moratorium, people’ EMI repayments of loans taken weren’t deducted from their bank accounts, offering a lot-wanted liquidity.
The EMI funds will restart solely as soon as the moratorium time interval expires on 31 August.