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RBI Governor: Additional 3 months extension given for payment of EMIs

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Posted on : 22/May/2020 13:34:42



 
 
 
The Reserve Bank of India has announced that an additional 3 months extension has been given for the payment of EMIs for the housing/vehicle loans.

The Governor of the Reserve Bank of India, Shaktikanta Das, had a meeting with the press today (Friday, 22nd May). He shared:
  • There are prospects for the prices of certain items including lentils, etc., going up.
  • The Reserve Bank of India will undertake additional initiatives to enhance the stock economy.
  • As advised by the Reserve Bank of India, the banks will offer loans at lower interest rates.
  • The Reserve Bank of India will take initiatives on the enhancement of Export/Import status and also solve the financial issues of the states.
  • Gross Domestic Product (GDP) will come down in 2020-21.
  • Actions will be initiated to sort out the shortage of capital investment.
  • Capital investment loans will be given.
  • Arrangements are made to extend the loan for micro/mini/Medium/small industries.
  • An additional 3 months extension time is given for the payment of EMIs for housing/vehicle loans.
  • This 3 months extension for payment of EMIs is for 3 months from June to August.
  • India will definitely recover from the economic setback created by the coronavirus pandemic.
  • Domestic production will encounter a reduction in the current year.
  • Industrial Production in the country has come down by 17% during March.
  • GDP growth in the coming quarter will be negative.
 
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