RBI allows fresh moratorium for some small borrowers amid Covid-19 crisis

RBI allows fresh moratorium for some small borrowers amid Covid-19 crisis

MUMBAI: The Reserve Bank of India asked banks on Wednesday to let certain borrowers have more time to repay loans, among other support measures, amid a major second wave of Covid-19 infections in the country that has led to strict lockdowns in several states. The moratorium will be available to individuals and small and medium enterprises that have not restructured their loans in 2020 and were classified as standard accounts till March 2021, Reserve Bank of India governor Shaktikanta Das said in a virtual address. The RBI also announced Rs 50,000 crore priority lending by banks for hospitals, oxygen suppliers, vaccine importers, Covid drugs by March 31, 2022. The RBI governor said the second purchase of government securities worth Rs 35,000 crore under the G-sec Acquisition Programme (G-SAP 1.0) will be done on May 20 for an orderly evolution of the yield curve as a fresh Covid-19 wave threatens to hit the economy. The first purchase of Rs 25,000 crore last month received enthusiastic response from the market, Reserve Bank of India governor Shaktikanta Das said while announcing slew of …
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