RBI extends loan repayment window to 90 days
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The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December. In a notification, RBI said, on a review, it has been decided to provide another 30 days over and above the existing 60 days.
So, borrowers together get 90 days from getting the account classified under non-performing asset (NPA) category. It said, running working capital accounts or crop loans with the sanctioned limit of 1 crore rupees or less would be eligible for this benefit. Last month, the RBI had provided additional 60 days for repayment of loans worth up to Rs 1 crore. The central bank also came out this special dispensation for farm loan earlier this week. #casansaar (NewsonAir)
So, borrowers together get 90 days from getting the account classified under non-performing asset (NPA) category. It said, running working capital accounts or crop loans with the sanctioned limit of 1 crore rupees or less would be eligible for this benefit. Last month, the RBI had provided additional 60 days for repayment of loans worth up to Rs 1 crore. The central bank also came out this special dispensation for farm loan earlier this week. #casansaar (NewsonAir)
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