No EMI for three months
If you have taken any loan from the bank and have not been able to give EMI for this month, do not worry. In a very important decision, the Reserve Bank has imposed a three-month moratorium on the EMI of all types of loans, ie EMI.
That is, if a person who takes a loan does not pay the installment for the next three months starting in March, then no action will be taken against him.
Reserve Bank Governor ShaktiKant Das said on Friday:
“Instructions have been issued to all banks and financial institutions to ban the installment of loans on all types of loans for the next three months.”
It will be applicable to all types of loans of all types of banks, i.e. Grameen Banks, Cooperative Banks, Financial Institutions will also come in it. Similarly, for every type of loan ie personal loan or housing loan or education loan or any other type of loan, you do not have to pay an installment for three months.
This was announced by Reserve Bank Governor ShaktiKant Das at a press conference on Friday.
This declaration means that the defaulting debtor will not be declared on non-payment of installment, no penalty will be imposed on him.
Banks will not be able to take any legal action against him. All that will happen is that the loan will be extended for three months.
The goal of this decision of the Reserve Bank is to provide relief to the people affected by the corona. Because of this transition there is lockdown and all kinds of economic activities are closed. It is possible that people may have difficulty in getting salaries, etc., and are unable to pay installments in time. To help them, it has been announced that in this situation the loan payment may be delayed.
RBI relief to deal with Corona, More Money at Low Interest
The Reserve Bank of India has announced a significant decision to cut the cash reserve ratio, that is, they can now keep a major portion of the money that banks have in cash.
The Reserve Bank’s decision means that banks can now loan more money than before. The result will be that traders will be able to take loans from banks.
No EMI for 3 months & Loan can be got cheaply
Similarly, the Reserve Bank has cut the interest rate at which it lends money to banks, banks lend that money to the industry or you. That is, banks will get money at a lower rate. As a result, banks may cut their lending debt. They are free to take this decision. But it is understood that in the wake of the Corona crisis, all banks will cut their interest rates.
Shaktikanta Das, Governor of the Reserve Bank of India, held a press conference on Friday about the economic crisis caused by the Coronavirus. Das said that the repo rate has been cut by .75 basis points and reverse repo rate by 90 basis points. Earlier the repo rate was 5.15% and now it is 4.45%.
Das said that these RBI decisions will help in fighting the economic crisis caused by Corona. He said that all of us have to do our part to stop the spread of the corona virus.
Can get loan easily
In addition, the cash reserve ratio (CRR) has been reduced by 100 basis points. Das said that this is a difficult time for the world and the Corona crisis has affected many areas of the country. He said that RBI is keeping a close watch on the economic crisis caused by Corona and whatever steps are necessary to reduce this crisis, they will be taken.
Das said that with this decision, cash of Rs 3.74 lakh crore will come in the system. RBI Governor said that people should adopt digital payment. He has said that the Indian banking system is completely safe and no one should worry about it. It has been said by the Reserve Bank that all commercial banks are being given a 3-month exemption in paying interest and loans.