General debtors and companies get big relief in payment

The Reserve Bank of India (RBI) announced a major relief to MSMEs and retail borrowers on Thursday after a monetary policy review meeting. Under this, he allowed loan restructuring for these borrowers, considering the demand of banks in the industry.

Also, the central bank raised the loan limit to 90 percent of the total value of gold under the gold loan, which was 75 percent earlier. This decision will provide a big relief to the common customers who want to take loans against gold assets to overcome family needs and difficult times. This arrangement will be applicable to the gold loan taken by 31 March next year.

However, the central bank did not change the policy interest rates ie repo rate and reverse repo rate, which was the most-watched by the common people in the industry. Also, nothing has been said about extending the Moratorium on loan from August 31 onwards.

This means that holders of currency loans like home, auto, and personal loans will have to start EMI payments from September. RBI Governor Dr. Shaktikanta Das presented the monetary policy review on Thursday, announcing a policy to restructure banking loans affected by COVID-19.