RBI allows banks to put EMIs on hold for three months
RBI allows banks to put EMIs on hold for three months news as this news start spreading people start thinking that RBI allows banks to put EMIs on hold for three months news means that they get the wavier of emi for three months while the actual report we are getting from the sources are providing relief to borrowers, RBI Governor announces a three month moratorium on payment of installments of loans outstanding on March 1, 2020. IndiaFightsCorona in simple terms No EMI will be deducted for next 3 months or EMIHoliday for next 3 months. but this #EMIHOLIDAY is not a Waiver. Once things are normal the deferred #EMIs have to be paid. It simply won’t have a negative effect on #CIBIL score. This will not happen in an automated manner, bank has to approve on the basis of request. while RBI clarifies to CNBC-TV18:- Credit card loans/bills not covered under this policy. Only term loans(Housing, PL etc) . This news is the Big relief to business community and middle class by RBIpolicy but what hurting the people is that if the lockndown continue further and they dont get paid then how will they will give emi after three months. RBIGovernor Shaktikanta Das said that “Banks to allow 3-months moratorium on all loans allowed. Loans interest pay to be deferred by 3 months”
RBI announcement on EMI on hold for three months and other RBI Announcements-
◆Repo rate cut by 75 bps to 4.4%
◆CRR by 100 bps to 3%
◆Banks allowed 3-m moratorium on all loans
what DasShaktikanta RBI governer said on EMI on hold for three months and other RBI Announcements-
- All commercial banks and NBFCs are being permitted to allow three-month moratorium on payment of installments in respect of all terms loans outstanding on March 1, 2020, says DasShaktikanta
- Food inflation may be heightened. #GDP to be adversely impacted. We are ensuring the normal functioning of the market. Aggregate demand may weaken: RBI Governor ShaktikantaDas
- liquidity measures together will release primary liquidity of Rs 3.74 lakh crore across the banking system, says RBI Governor Shaktikanta Das.
- The need of the hour is to shield the domestic economy. All banks must ensure that credit flow is maintained:
RBI Governor ShaktikantaDas
while PM NarendraModi, today, said the RBI had taken giant steps to safeguard the economy from the impact of the coronavirus.”RBI announcement will improve liquidity, reduce cost of funds, help middle class”: PM Modi
Finance minister nirmla sitharaman said that ” The 3-month #moratorium on payments of term loan instalments (#EMI) and interest on working capital give much-desired relief”
President, CII vikramkirloskar said that The major announcements by RBI on CRR, Repo rate &Moratorium will ease the minds of industry. RBI has been very responsive& the Governor has done a fantastic job.