This would mean that individuals EMI repayments of loans taken would not be deducted from their bank accounts until the above mentioned time. The loan EMI payments will restart only once the time period expires.
The Reserve Bank of India (RBI) today in a press conference announced moratorium on term loans for up to three motnhs. The governor in its statement said, "moratorium on term loans. all commercial, regional rural, and nbfcs and small finance banks are being permitted to allow 3 month moratorium on payment of instalments in respect of all term loans outstanding on 31 march 2020."
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