Reserve Bank of India (RBI) Governor Shaktikanta Das today extended moratorium on all term loans by another 3 months.
After the lockdown began, Das had announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown. The loan moratorium has now been extended till August 31 for 6 months.
Finance Minister Nirmala Sitharaman, who recently announced the ₹20 lakh crore economic package in five tranches, will also hold a review meeting with CEOs of public sector banks (PSBs) today to discuss various issues, including loan disbursement, as part of efforts to revive the economy reeling under the COVID-19 impact.