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Borrowers to be charged interest for 3-month moratorium period: RBI

-The Hindu

RBI told banks that they could shift the repayment schedule for loans and the residual tenor across the board by three months after the moratorium period.

Banks which give borrowers a three-month moratorium on repayment of loans will continue to charge interest on the outstanding portion of the loans during this window period, the Reserve Bank of India clarified on Friday evening.

The 3-month moratorium on repayment of loans - including home loans, car loans, personal loans and credit card dues - was announced by RBI Governor Shaktikanta Das earlier on Friday after he declaring a 75 basis points (0.75 percentage point) cut in the repo rate, or the rate at which the central bank lends to banks. It was the steepest interest rate cut in 11 years, mostly targeted at reviving growth and mitigating the impact of czovid-19 pandemic.

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