People get additional 2 months to repay loans: RBI
Posted on: 22/Nov/2016 11:37:40 AM
Since there is shortage of currencies throughout the country, the RBI on Monday provided additional 60 days for repayment of housing, car, farm and other loans.
The demonetization of Rs 500 and Rs 1000 banknotes was a step taken by the Government of India on 8 November 2016. Restrictions were imposed to withdraw money from banks and ATMs. In view of this, money circulation has come down.
In view of the foregoing, the RBI on Monday provided additional 60 days for repayment of housing, car, farm and other loans. This is applicable to loans payable between November 1 and December 31. The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less.
Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC would also get benefit of this relaxation.
This will also include housing loans and agriculture loans,
