RBI allows fresh moratorium for some small borrowers amid COVID-19 crisis

The Reserve Bank of India (RBI) asked banks on Wednesday to let certain borrowers have more time to repay loans, among other support measures, amid a major second wave of COVID-19 infections in the country that has led to strict lockdowns in several states.

The moratorium will be available to individuals and small and medium enterprises that have not restructured their loans in 2020 and were classified as standard accounts till March 2021, RBI Governor Shaktikanta Das told reporters.

The Reserve Bank of India will continue to monitor the emerging COVID-19 situation and will deploy all resources and instruments at its command especially for the citizens, business entities, and institutions beleaguered by the second wave, Governor Shaktikanta Das said.