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Another 3 months extension to waive EMIs mooted by the Reserve Bank of India!
Posted on: 05/May/2020 11:58:28 AM
News is gathered that 3 more months’ extension time may be given to pay the EMIs (Equated Monthly Instalments) on various loans taken from the banks for housing, vehicles, and other purchases/expenses.
Information is gathered that the Reserve Bank of India has been examining and reviewing the plan to emphasise the banks to grant these additional 3 months’ extension for the payment of EMIs.
The main reason for this is the current lockdown condition which has been extended in a 3rd Phase. Commencing on 25th March, lockdown, mainly a preventive measure against the spreading of the raging coronavirus pandemic, is expected to conclude on 17th May.
The lockdown has necessitated closure of several industries and other sectors, thus severely affecting the employees who are constrained presently under great financial hardships. Giving utmost consideration to this plight of the employees and family bread-winners, the banks had already given a 3-month extension period.
But with the coronavirus padndemic still not being brought under control, lockdown has continued. Keeping this uder consideration, the Reserve Bank of India has been earnestly reviewing the possibility to extend it by another 3 months!
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