EMI payment Relief for 3 Months

RBI Announcement
27 March 2020
EMI payment Relief for 3 Months

EMI Relief

3 months moratorium period announced on all outstanding Loans. So for next 3 Months NO EMI would be deducted from account of anyone. This will not hot on your Credit Score (CIBIL). Such deferment not to be considered for NPA

A welcoming step of RBI. This is a huge relief for all EMI payers, especially for those — such as the self-employed — whose income had become uncertain in the wake of the lockdown.

The statement says: "All commercial, regional, rural, NBFCs and small finance banks are being permitted to allow 3-month moratorium on payment of instalments in respect of all term loan EMIs outstanding on March 31."

Other key decisions:-

1. Repo rate reduced by 75 basis points to 4.4%

2. Rev repo reduced by 90 basis points to 4%

3. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores

4. Min daily CRR balance reduced from 90% - 80% till 30/06/2020

5. 3.74 lakh crore liquidity injected

6. Total liquidity injection 3.4% of GDP

RBI Monetary Policy Covid 19
RBI Monetary Policy Covid 19

 

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