Business

RBI extends the moratorium on loans for another 3 months

On Friday, the Reserve Bank of India (RBI) said the three-month moratorium on payment of term loan installments to banks, non-bank financial institutions (NBFCs), including housing finance companies, and other financial institutions is being extended by another three months.

“These steps are being extended by another three months from June 1 to August 31 in view of the duration of the lockout and ongoing disruption due to Covid-19,” Das said during a video press conference, his third such address to the media during the coronavirus pandemic.

Das said the decision was taken at an unscheduled RBI Monetary Policy Committee meeting (M) The announcements also came as the country entered the fifth day of the nationwide lockdown phase four to curb the virus spread. On March 27, the central bank had granted financial institutions a three-month moratorium on payment of installments on term loans. RBI’s moratorium would help lenders lighten the strain on their investments and stop becoming defaulters.

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