The Mumbai Congress on Thursday
urged the Centre to direct the RBI to announce a waiver instead of moratorium on loans.
Mumbai Congress vice president Amarjit Manhas said in a statement that in a moratorium, interest shall continue to accrue on the outstanding portion of the term loan.
Therefore, the Centre must ask the RBI to announce a waiver instead of moratorium on loans, he said.
"Similarly, banks must unconditionally pause all EMIs, including credit card EMIs, for three months. No interest should be charged on delayed payments for three months even if debit card facility is opted for," he said.
The RBI recently allowed banks in the country to provide a three-month moratorium on fixed-term loan and EMI payments to help millions of people with bank dues during the novel coronavirus pandemic.
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