The Reserve Bank of India today clarified that financial institutions can allow three-month moratorium on repayment of credit card dues.
To provide relief to the middle class amid the disruption caused by the coronavirus lockdown, the Reserve Bank of India today allowed banks and other financial institutions to permit moratorium on three months on payment of instalments falling due from March 1, 2020 to May 31, 2020.
The repayment schedule for such loans will be shifted by three months after the moratorium period and interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period, the RBI clarified. "In respect of all term loans (including agricultural term loans, retail and crop loans), all