RBI: No EMI deductions for 3 months

Friday, March 27th, 2020, 12:27:18 PM IST

In view of the ongoing Coronavirus pandemic across the globe, and in India, the Reserve Bank of India (RBI) has announced that no bank would be deducting the EMI amounts from anyone for a period of 3 months from now.

This moratorium extends to all banks including all commercial banks (including regional rural banks, small finance banks, and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions)

The central bank further mentioned that no terms and conditions would be changed after the 3-month duration so that it would not be difficult for anyone to pay their loans after the financially depressing period of Covid-19.