The public is given with 3 more months to repay the bank loan installments, including home loans.
The Reserve Bank of India is considering issuing instructions to the banks to postpone the rush to pay off the bank’s lending, reports say. Nation-wide lockdown has been in effect since March 24 to prevent corona spread.
The banks have been postponing the 3-month loan installments, considering that employees and businessmen are being affected by the inactivity of businesses. The Reserve Bank is considering advising banks to postpone the payment for a further 3 months, in the interest of borrowers, as the country-wide lockdown period has been extended to about 2 months.