The central bank RBI has given more time to some individual and small borrowers to repay their debt on Wednesday 5 April today. RBI Governor Shaktikanta Das, while addressing today without any predetermined schedule, said that the moratorium will be available for a period of two years to those individuals and small and medium-sized companies that did not restructure their debt in 2020 last year and March. By 2021, loan accounts were classified as standard accounts. This announcement of RBI will benefit the borrowers up to Rs 25 crore. According to the announcement, under this scheme, all banks and lending institutions will be able to restructure the loan by 30 September 2021. Those who took advantage of loan restructuring in 2020 last year will also get the benefit of this scheme. Last year, under the loan restructuring, the benefit of moratorium up to 2 years was given, such people can extend the moratorium period under the restructuring this year for a total of 2 years.
In addition, the central bank has approved banks to provide loans to vaccine companies, hospitals and corona-linked health infrastructure as a priority. According to the RBI announcement, a loan can be taken for this for a period of three years till March 31, 2020 at the repo rate.
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Restructuring will be different for every case
Due to the second wave of Corona epidemic, there is a crisis of liquidity, due to which the individual borrowers have been affected. Not all buyers are in a position to pay EMI on time. In such a situation, you can go to your lender and request for restructuring of the loan. Under this, relief can be given for a period of two years. However restructuring will be different for each case as per the conditions set by the bank. This announcement of the RBI will also benefit those who took advantage of restructuring last year and those who did not, will also get it.
Liquidity support of 50 thousand crores for lending to the health sector
RBI has said to provide liquidity support of 50 thousand crore rupees in the event of disbursing certain types of loans to the banks. According to the RBI declaration, providing new loans for vaccine companies, vaccine importers / suppliers and proprietary medical devices, manufacturers and suppliers of oxygen and ventilators, importers of vaccine and corona related medicines, logistics firms and patients for treatment. RBI will provide liquidity support. These loans will be available for a period of 3 years at repo rate till 31 March 2020.