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Will RBI provide loan moratorium facility to people again, questions raised due to lockdown in states due to rising corona

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Due to the second wave of Corona, the situation has started happening again as before. Due to the business being stalled, the traders are having trouble in repaying the loan.

Lone moratorium

Last year, due to the Corona epidemic, the lockdown in the entire country had lost the employment of many people, trading was stalled. In such a situation, the government had given the facility of loan mo rhetorium to give relief to the people in repaying EMAI. Due to the second wave of Corona, the same situation has started again. The situation has become the same again due to the lockdown in different states. In such a situation, the question is arising whether RBI will provide loan Moratorium facility to the people again.

People were not yet fully recovered from the previous lockdown that the second wave of Corona has again affected the MSME industry. Many units are running the work with less workforce, then the lockdown has stopped completely. Many traders have taken loans, so they have tension to repay the loan. Considering the troubles of common borrowers along with businessmen, speculations are being made that the Reserve Bank of India may once again announce a loan moratorium. Because the central government has already announced to distribute free ration to the poor.

There is a possibility of crores of business being affected

Night curfew has been imposed in several states including lockdown in Delhi, Maharashtra due to corona. This has affected the turnover of about 5 lakh crore rupees in the country. At the same time, the retail business of 3.5 lakh crore and the wholesale business of 1.5 lakh crore rupees are expected to be affected.

The green signal was not found in the policy review

The situation has become uncontrollable due to the Corona epidemic. In such a situation, the demand for loan moratorium has started increasing, although during the first monetary policy review of the current financial year 2021-22 in the beginning of April, the facility of mo rhetorium in loan repair was not approved. RBI Governor Shaktikanta Das said that at this time all businesses, especially the private sector, are fully prepared to deal with any situation and to continue their activities. Therefore, it is not needed right now, but can not give any indication about any steps to be taken in future.

The Supreme Court gave instructions to return the interest on the interest

It is to be known that interest was being charged on behalf of banks during the loan moratorium facility. The debt holders had approached the Supreme Court for not getting exemption on this. On this matter, in March 2021, the Supreme Court ruled that the period of moratorium cannot be extended after 31 August. Also, interest cannot be completely waived. Apart from this, interest will not be charged on interest for 6 months. If a bank has taken interest on the interest, then it has to be returned.

Also read: Corona Impact: Longer wait for delivery of LPG cylinder, increased waiting

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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