All those who have taken bank loans can take a sigh of relief as the government have put a moratorium on all bank loans for three months, which means you do not have to pay the equal monthly instalments for three months.
RBI governor Shaktikanta Das on Friday announced that banksare permitted to allow a three-month moratorium for on payment of EMIs on all termloans that were outstanding on March 1.
However, this means that the final decision to provide sucha relief is in the hands of the banks.
This is one of the key takeaways from RBI's announcements asmany people have been financially affected due to the lockdown implemented toprevent novel coronavirus from spreading in India. But it remains to be seen asto what extent this helps customers.
This will go a long way for the small and medium enterprises as they have a loan and monthly instalments during this lockdown period would have ruined the business of all.
