RBI Extends loan Repayment Window to 90 days

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In further relief to people hit by demonetisation, the Reserve Bank of India (RBI) has given borrowers another 30 days over and above 60 days for repayment of housing, car, farm and other loans worth up to Rs1 crore. “On a review, it has been decided to provide 30 days, in addition to the 60 days provided (on 21 November),” the RBI said in a notification. 

So, borrowers together get 90 days breather from getting the account classified under non-performing asset (NPA) category. The above dispensation will apply to dues payable between 1 November and 31 December 2016, the notification said. Following the surprise announcement made by Prime Minister Narendra Modi on 8 November to scrap Rs500 and Rs1,000 notes, the economy witnessed cash crunch leading to slowdown in businesses. 

As a result, the repayment capacity of the borrowers were impacted and there was fear of loan default rising. The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs24,000 per week, limiting their options to repay their dues.

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