RBI: Working capital borrowers can repay accrued interest till March 2021
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MUMBAI, May 22 -- In what will ease the repayment pressure for working capital borrowers, the Reserve Bank of India (RBI) on Friday not only allowed another three months of deferment on interest payments but also permitted repayment of the accrued interest in tranches till March 2021.
RBI governor Shaktikanta Das said in view of the extension of the lockdown and continuing disruptions on account of covid-19, the moratorium on loans is being extended by another three months to 31 August. The earlier extension was scheduled to end on 31 May.
"Similarly, the measures pertaining to reassessment of working capital cycle are being extended to 31 March, 2021. It has been decided to permit lending institutions to convert the accumulated interes...
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