RBI extends loan repayment window to 90 days
Posted on: 29/Dec/2016 10:16:52 AM
Prime Minister Narendra Modi had announced on 8th November that the Rs 500 and Rs 1000 notes will be void and said that he will be replacing them by new 500 and 2000 currency notes.
In continuation of this, the central government and RBI have been issuing various notifications regarding this. So far more than 50 announcements have been made.
At this juncture in further relief to people hit by demonetization, the Reserve Bank on Wednesday gave borrowers another 30 days over and above 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore.
So, borrowers together get 90 days breather from getting the account classified under non-performing asset (NPA) category.
The above dispensation will apply to dues payable between November 1, and December 31, 2016.
