RBI Governor: Additional 3 months extension given for payment of EMIs
Posted on: 22/May/2020 1:34:42 PM
The Reserve Bank of India has announced that an additional 3 months’ extension has been given for the payment of EMIs for the housing/vehicle loans.
The Governor of the Reserve Bank of India, Shaktikanta Das, had a meeting with the press today (Friday, 22nd May). He shared:
- There are prospects for the prices of certain items including lentils, etc., going up.
- The Reserve Bank of India will undertake additional initiatives to enhance the stock economy.
- As advised by the Reserve Bank of India, the banks will offer loans at lower interest rates.
- The Reserve Bank of India will take initiatives on the enhancement of Export/Import status and also solve the financial issues of the states.
- Gross Domestic Product (GDP) will come down in 2020-21.
- Actions will be initiated to sort out the shortage of capital investment.
- Capital investment loans will be given.
- Arrangements are made to extend the loan for micro/mini/Medium/small industries.
- An additional 3 months’ extension time is given for the payment of EMIs for housing/vehicle loans.
- This 3 months’ extension for payment of EMIs is for 3 months from June to August.
- India will definitely recover from the economic setback created by the coronavirus pandemic.
- Domestic production will encounter a reduction in the current year.
- Industrial Production in the country has come down by 17% during March.
- GDP growth in the coming quarter will be negative.
