RBI repayment moratorium: All loans, credit card dues will be covered

The moratorium on loan repayment between March 31 and May 31, is applicable on all types of retail credit, including credit card outstanding balances, the Reserve Bank said on Friday.

To mitigate the burden of debt servicing brought about by disruptions due to the Covid pandemic and to ensure the continuity of viable businesses, the RBI has announced a three-month moratorium on all payments, including retail loans and credit card balances apart from corporate loans.

Issuing the detailed instructions on the moratorium announcement later in the day, the RBI said, The instalments include payments falling due from March 1 to May 31