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Reserve Bank of India extends moratorium on payment of term loan till August 31

Bar & Bench

In view of the COVID-19 lockdown, the Reserve Bank of India (RBI) has extended the moratorium on payment of term loan till August 31.

An announcement to this effect was made today by Reserve Bank of India (RBI) Governor, Shaktikanta Das.

On March 27, the Reserve Bank of India had permitted banks to grant a moratorium of three months on payment of instalments for term loans.

Last week, the Supreme Court issued notice and sought reply from the Centre and RBI on a plea filed by an Association of Private Real estate developers seeking a clarification on the RBI's circular of March 27 as regards moratorium on term loans.

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