RBI COVID-19 Package - Wholesale
Government of India on March 24, 2020 imposed a nation-wide lockdown in the country to contain the spread of COVID-19 virus impact. This lockdown was expected to create disruptions in business activities and thus eventually resulting in financial disruptions across financial sector in the country. To minimise the impact of such lockdown on the financial sector, RBI came out with a Covid-19 package on March 27, 2020 with multiple measures which included moratorium on financial instalments for borrowers amongst others.
Borrowers satisfying following criteria would be eligible to seek for instalment moratorium/interest deferment:
- All customers having instalments falling due between March 1, 2020 and May 31, 2020
- The account can be Standard or otherwise.
Only instalments falling due between March 01, 2020 to May 31, 2020 will be eligible for a moratorium. Instalment moratorium/ Interest deferment will be applicable for unpaid instalment during March 01, 2020, and May 31, 2020.
The borrowers not requiring the moratorium shall approach PCHFL /The Company requesting the same.
PCHFL / The Company shall duly consider all cases eligible for the abovementioned dispensation, however, will reserve the right to grant the same. PCHFL/The Company has predefined criteria under which such moratorium will be granted. Borrowers are not eligible for moratorium automatically. The decision to grant the moratorium or not shall be communicated to borrowers.