A more durable solution was, therefore, needed to rebalance the debt burden of viable borrowers, both businesses as well as individuals, relative to their cash flow generation abilities under the post-lockdown scenario, the sources said. Check these options, EMI Interest Cashback scheme: No benefit for these categories, EMI Moratorium: Lenders to credit interest on interest to loan borrowers by Nov 5, Centre tells SC, EMI Moratorium: RBI asks lenders to implement waiver of interest on interest scheme, Diwali Gift: Banks to issue cashback by 5 November for 'loyal' loan customers, EMI Moratorium: Loan interest waiver to be credited to borrowers by November 5, Availing loan EMI moratorium? If you are suffering to pay your EMI's then this is good news for you. Want to check if you have recieved EMI cashback or not? Loan Moratorium it is not as simple as it looks. 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(Photo: Reuters/Representative image) The banking sector does not seem comfortable with the idea of another extension of the moratorium on fixed-term loans and equated monthly installments. googletag.display('div-gpt-ad-1494579592958-0'); Finance Ministry Relief On RBI Loan Moratorium Extension, Moratorium News Today, Supreme Court NPA ? The six-month moratorium allowed borrowers to defer their EMI payments by a period of six months. RBI in March permitted all commercial banks to allow a moratorium of three months. You have reached your weekly free article limit. What next after moratorium period is over? It only means that if your installments were due between March 1, 2020, and August 31, 2020, the RBI permitted your bank to allow you to postpone the repayment. On November 5, a three-judge bench of the apex court, headed by Justice Ashok Bhushan deferred the hearing to November 18, after the Additional Solicitor General (ASG) Venkatraman sought … BAFTA 2021: Priyanka Chopra nominated for The White Tiger; check complete list of nominations, Court seeks progress report on probe against Kangana Ranaut on social media posts, 1097 players register for IPL auction, most from West Indies, IND vs ENG 1st Test | Shining ball without saliva is difficult, says Jasprit Bumrah on Chennai pitch, Arjun Tendulkar, Sreesanth register for IPL 2021 auction while Mitchell Starc opts out, Oppo Find X3 leaked in images; camera designs looks iPhone 12 Pro-like, Instagram could soon disable ability to share post to stories: Report, Samsung Galaxy F62 with flagship chip to launch under Rs 25,000 this month, Poco M3 with 6,000mAh battery launched in India: Price, specifications, PICS: Shraddha, Anil Kapoor, Sunny Deol & others at Priyaank Sharma and Shaza Morani's wedding, Salman Khan, Shraddha Kapoor & other stars dazzle at opening ceremony of Indian Pro Music League, Vicky Kaushal, Manushi Chhillar keep it stylish as they head to Maheshwar for their untitled next, Shehnaaz Gill celebrates birthday with paparazzi at the airport | PHOTOS, Chai, chaat & chat! All rights reserved. It was with the above objective that the Reserve Bank of India (RBI) recently announced a special resolution window for COVID-19-related stress within the existing Prudential Framework for Resolution of Stressed Assets. Here is how it may impact you, Moratorium period on loan: Here are 10 points on Centre's October 1 deadline, EMI Moratorium: SC hearing deferred till Sept 28, last order asking banks not to declare accounts as NPAs for 2 months to continue, Banks can restructure loans, but can't penalise honest borrowers availing moratorium: SC told, Moratorium period on loan repayment extendable by two years: Centre, RBI tell SC, DNA: RBI can increase the duration of EMI moratorium, No merit in 'charging interest on interest' for deferred payments during moratorium: Supreme Court, EMI moratorium: SC seeks response on moratorium period interest, matter listed for July 17, SBI customers get relief on loan accounts; moratorium extended by another 3 months amid COVID-19 lockdown, Bank of Baroda's 90% borrowers opt for moratorium on term loan repayment. For the stressed borrowers RBI has announced a loan restructuring scheme for which the maximum time limit is 2 years. Several bankers, including HDFC Ltd Chairman Deepak Parekh and Kotak Mahindra Bank Managing Director Uday Kotak, had asked RBI Governor Shaktikanta Das not to extend the moratorium as many are taking undue advantage of the facility. Government has filed affidavit stating that the interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. RBI unlikely extend EMI moratorium on repayment of loans beyond August 31. The six-month moratorium announced by the Reserve Bank of India ends on Monday and will not be extended beyond August 31. How to repay EMIs? Loan Moratorium: As per reports, the central government's affidavit says that it will waive-off the interest on interest accrued during the extension period and is in mood to even provide relief to those who continued to pay their EMI even during the COVID-19 financial crisis. India Business News: The Centre and RBI on Tuesday informed the Supreme Court that the moratorium period on repayment of loans amid the Covid-19 pandemic is “extendable” b Tushar Mehta, appearing for the Centre has said that the affidavit will be sent by October 1. The MPC had in March cut repo by a massive 75 bps to 4.4 percent. According to the sources, reliefs for each borrower can be tailored by banks to meet the specific problem being faced by the borrower depending on the need rather than have a broad-brush approach in dealing with the issue. A moratorium period was deemed to be the time during which borrowers would enjoy exemption from paying EMIs till conditions improved. This was the 24th meeting of the MPC. In May, the RBI announced extension of loan moratorium by 3 more months to August 31. 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