INDIA:-(PTK) The Reserve Bank of India (RBI) on Friday allowed banks, non-bank financial institutions (NBFCs), including housing finance companies, and other financial institutions to allow a three-month moratorium payment of instalments on term loans amid the disruption caused the coronavirus outbreak.
The central bank’s governor Shashikanta Das made the announcement, much needed by the middle class and small entrepreneurs, and said the deferment will not impact the credit history of the borrower.
The three-month moratorium allowed by RBI will help borrowers in easing the burden on their savings and avoid turning defaulters.
RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as non-performing assets (NPAs) during the 21-day countrywide lockdown.(PTK)
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