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AIMTC Urges RBI To Extend EMI Moratorium Till December 31
By: Tupaki Desk | 20 Aug 2020 11:37 AM IST
The Reserve Bank of India (RBI) in March had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020. Later, the RBI had extended it another three months till August to provide much-needed relief to borrowers.
As the current moratorium period comes to end with August 31, 2020, the apex transporters body AIMTC on Tuesday urged the RBI to extend the moratorium period till December 31.
According to AIMTC's request, about 50 per cent of the vehicles are still off the road and once the current moratorium period is over there would be a spurt in non-performing assets.
As the transporters are unable to pay their EMIs, the AIMTC said they are being pressurised by the recovery agents of Banks, NBFCs and Financiers to pay up their EMIs or face seizure of the vehicles.
As the current moratorium period comes to end with August 31, 2020, the apex transporters body AIMTC on Tuesday urged the RBI to extend the moratorium period till December 31.
According to AIMTC's request, about 50 per cent of the vehicles are still off the road and once the current moratorium period is over there would be a spurt in non-performing assets.
As the transporters are unable to pay their EMIs, the AIMTC said they are being pressurised by the recovery agents of Banks, NBFCs and Financiers to pay up their EMIs or face seizure of the vehicles.