No rebate on EMI repayment, but RBI started this scheme for loan settlement

Earlier, Finance Minister Nirmala Sitharaman had said last week that the government was working closely with the Reserve Bank on the need to restructure the debt to help the industry affected by the Corona virus epidemic.

7th August, 2020

The Reserve Bank of India (RBI) has not given relief after 31 August in repaying EMI loan, but RBI has issued a scheme for loan settlement. Customers can get their loan settlement by taking advantage of this scheme. At the same time, bank defaulters cannot avail this facility.

The debt restructuring facility has been announced in the meeting of the monetary review policy chaired by the Governor of Reserve Bank of India. Reserve Bank Governor Shaktikanta Das said that this restructuring would be in line with the frugal framework framework released on 7 June 2019 by the Reserve Bank.

Earlier, Finance Minister Nirmala Sitharaman had said last week that the government was working closely with the Reserve Bank on the need to restructure the debt to help the industry affected by the Corona virus epidemic.

These benefits can be availed - Airline companies, hotels and steel-cement companies can take advantage of this scheme of the bank. At the same time, customers taking home loans will have to wait for the bank announcement for this. The bank may soon announce its form.

Please tell that with the implementation of the lockdown in the country due to the Corona crisis, relief was also given to repay the loan moratorium. Relief was given in the first slot from March to May. At the same time, relief has been given in the second slot from June to August.

No reduced interest rate - Due to the lockdown, it was being speculated that the RBI would reduce the interest rate, but it did not happen. RBI maintained the repo rate at 4 percent while the reverse repo rate at 3.35%. However, some relief is also given. For example, banks will provide loans up to 90 percent on gold jewelery. Not only this, additional cash facility of Rs 10,000 crore will be provided by NHB, NABARD

Category: Business

#RBI
#EMI

Reported by:
Maharanee Kumari