Thursday, 29 December 2016

Borrowers now have additional 90 days to repay loans

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In further relief to people hit by demonetisation, the Reserve Bank today gave borrowers another 30 days over and above 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore. "On a review, it has been decided to provide 30 days, in addition to the 60 days provided (on November 21)," 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 November 1, and December 31, 2016.

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