Coronavirus update : RBI likely to permit delayed repayment of loans

The Reserve Bank is likely to permit lenders to provide relaxation to customers in paying their EMIs. This development will be made in the wake of the recent lockdown across sectors due to coronavirus pandemic that has impacted earnings of people severely, hampering repaying capacity of many businesses and individuals, sources said.

RBI

“There has been a demand for this, it will require some dispensation from the Reserve Bank actually. IBA has already discussed the issue with the RBI. This is under consideration,” a bank official revealed to PTI.

Quoting some bankers, a PTI report said that the issue of delayed EMI (equated monthly instalment) is under active consideration of the centre.

In a major relief, Finance Minister Nirmala Sitharaman on Tuesday announced the waiving of charges for withdrawals from any ATMs as well as suspending the minimum balance requirement in bank accounts till June this year.
SBI had already notified the suspension of the minimum balance requirement a few days earlier.

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