RBI`s Biggest Announcement.....no need to pay EMI ??

• What is the RBI`s stand on various loan`s EMI waiver?

Due to the outbreak of COVID 19 in India and nation lock down the economy of the country smashed and to safeguard the livelihood of the people the apex bank Reserve bank of India on its bimonthly economic policy took a strong stand and released a notification on 27 march which quoted that"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) (“lending institutions”) are being permitted to allow a moratorium of three months on payment of installments in respect of all term loans outstanding as on March 1, 2020".

• Is it mean that all banks are going to relax the EMI of all loans???

No!!!!  RBI clearly mentioned that its a discretionary power of bank to wave off the monthly instalment .in its notification it is clearly mentioned that it permitted the financial sectors for it but compulsion for banks are not reflected in the literature of the text  of  press release   in any manner.

• So it was a fake news??

again answer is no.....because some major banks like SBI ,BOB,PNB etc are agreed for the term expansion means they will not charge EMI during these three months and the time will shift to the extension of term liability. like if u are paying a loan of 10 years now u need to pay the loan until 10 years 3 months more but not now.and other banks have`t decided yet on this 

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