RBI Extends the Loan Repayment Period by 30 days

Posted on:30 Dec 2016 09:35:17
RBI Extends the Loan Repayment Period by 30 days
30 December 2016 Current Affairs: To further provide some relief to people hit by demonetisation, the Reserve Bank of India (RBI) on December 28 gave borrowers another 30 days in addition to 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore.

RBI had provided additional 60 days for repayment of loans worth up to Rs 1 crore in November. So, borrowers together get 90 days to get relief from getting the account classified under non-performing asset (NPA) category.

According to the notification, the exemption will apply to dues payable between 1st November and 31st December and the running working capital accounts or crop loans with the sanctioned limit of Rs 1 crore or less would be eligible for the benefit.

Besides, term loans for business purposes with the same limit, loans by non banking finance companies and micro finance institutions can avail the benefit. Dues payable after January 1, 2017 will be covered by the instructions for the respective entities.

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