The Reserve Bank of India, on March 27, made the big announcement that the Indian middle class and small entrepreneurs have been waiting for.The RBI governor has said that all banking institutions can offer three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as NPA.This announcement is big since the economy is under hardship and reeling under job losses and industrial shutdown. The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.Close For borrowers too, the three-month moratorium will be helpful to ease the burden on their savings and avoid the fear of turning defaulters. This is the big stimulus the small industry and working middle class have been waiting for. related news Coronavirus pandemic | ICC Elite Panel umpire Dar offers free food for jobless at his Lahore restaurant Coronavirus pandemic | Fans can now relive iconic cricketing moments as ICC opens archives From rate cuts to liquidity measures, RBI goes all guns blazing Coronavirus India LIVE updatesSo far, since the last… Read full this story
- European Union allows Denmark to bail out Roskilde Bank
- JAKE DAY: Big relief to end goal drought at Hall Road
- Police warn of 63pc rise in ‘SIM swapping’ scams that allow hackers to clear out your bank account
- FTSE 100 hits two-month high after US central bank bows to Wall Street pressure
- Ant McPartlin tweets for first time in over a month ahead of big return to work – and fans are thrilled
- MEPs allow Draghi's membership of secretive bank group
- Best current account for your salary as banks slammed for offering higher rates to richer customers
- M&S Bank launches top rate 2.8 per cent £7,500 personal loan
- Lloyds Bank launches new 100% mortgage with NO deposit – but your parents must sign up 10% of their savings
- Richard Curran: 'Banks are not giving us the full story on mortgage rates'
Coronavirus pandemic | RBI allows 3-month moratorium on loans: big relief to banks, borrowers have 343 words, post on www.moneycontrol.com at March 27, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.