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Three-month Moratorium announced by RBI, Still the Borrowers getting EMI reminders

There are many people receiving reminders for payments which is creating confusion among the borrowers, the credit card holders and the term plan investor, There was  moratorium being implemented for next three months on all the loans and their repayments because of the disruptions which are caused by the lockdown of country over the corona virus pandemic outbreak.

the Reserve Bank, on March 27, announced that there will be a slow down in the repayment situations of the people and the steps will be low which will include a moratorium on loan repayments for the next three months. Yet there are many people who have borrowed money as loans, many credit card holders and  mutual fund investors who have been receiving SMSes from the lender companies demanding the payments and that they need to maintain balance required on the due date or before. There are people who have taken auto loans, home loans and personal loans also received such messaged through SMSes and emails from the lender banks.

A customer of SBI cards didn’t activate his credit card and yet he received an SMS on Sunday for the same. A banker says that it is customers decision whether they want to avail the benefit of the moratorium and would have to inform their banks regarding the same.

The decision of a 75-basis points cut in the repo rate, due to the lockdown for the corona virus outbreak which has infected more than 1,250 people and has claimed over 30 lives so far in the country shows that the Reserve Bank of India has slowed down as a measure.

A banker says that this is not a loan write off decision taken by the government and it just the options of delay of payments for the people who have been financially suffering because of the corona virus outbreak because of losing of jobs or shutting down businesses or salaries have been delayed.

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