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01-09-2020, New Delhi: On Tuesday, the Supreme Court was informed that the loan moratorium period can be extended by 2 years as per a circular of Reserve Bank of India.
Solicitor General Tushar Mehta, representing the central government and RBI added, “We are in the process of identifying the distressed sectors to vary benefits as per the impact of the hit they have taken.” SG has asked for another hearing to discuss the same.
The top court had earlier asked the Centre and RBI to review the move to charge interest on deferred EMIs during the moratorium period. The same will be discussed in a hearing on Wednesday i.e, 2nd September.
It must be noted that the loan moratorium on EMI and fixed term loans ended on 31st August, 2020.
As per the circular shared in March by RBI, banks and other financial institutions can provide a moratorium of three months for term loan EMIs which are due for payment between 1 March and 31 May. Term loans include retail loans such as vehicle loan, home loan, and personal loan, and agricultural & crop loans. The central bank has clarified that credit card dues will also be eligible for the moratorium.
If there’s any query related to loan EMI moratorium or restructuring, please visit our ‘Help Portal’ for more information.