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Lending institutions to allow 3 month moratorium on all term loans: RBI

Shortpedia

Content Team

The Reserve Bank of India governor Shaktikanta Das today announced in a press conference that, "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." This means that individuals EMI repayments of loans taken would not be deducted from their bank accounts.