Coronavirus relief: Finance Ministry urges RBI to pause EMI, loan repayments

Economy
Coronavirus relief: Finance Ministry urges RBI to pause EMI, loan repayments

In a letter to the RBI, the finance ministry has suggested a moratorium of a few months on the payment of EMIs, interest and loan repayments and relaxation in classification of bad loans.

Finance Ministry has asked the Reserve Bank of India to consider emergency measures to help borrowers cope with economic pressure triggered by the COVID 19 outbreak. Department of Financial Services Secretary Debashish Panda reportedly wrote a letter to the RBI on Tuesday suggesting a moratorium of a few months on the payment of equated monthly installments (EMIs), interest and loan repayments and a relaxation in the classification of bad loans, The Economic Times quoted a source as saying.

News Source: https://www.businesstoday.in/current/economy-politics/coronavirus-relief-finance-ministry-urges-rbi-pause-emi-loan-repayments/story/399332.html






Date Posted: 2020-03-27 10:01
Tags: Rbi Emi loans finance ministry pending emi corona covid-19