RBI Considering Extension of Moratorium

The Reserve Bank of India is planning to extend the moratorium

for bank loans by six more months (September to February), the counsel for RBI has told the Madras High Court.

Moratorium

Justices M M Sundresh and R Hemalatha on Wednesday were hearing a PIL from

All India Democratic Women’s Association State general secretary S Suganthi.

She prayed for a direction to the State government and the RBI to appoint special officers

in all districts to take action on complaints against micro-finance institutions that were

harassing members of Self-Help Groups to repay loan amounts even during the moratorium period.

The RBI counsel told that there is a proposal to extend the moratorium.

A panel has been constituted for it, he added and prayed for more time to look into the PIL.

Court adjourned the matter till September 8.

People are Suffering a lot with financial crisis but the banks/financing institutions are harrasing them like hell.

It’s best to extend the moratorium for next 6months aa everyone could come out from financial crisis

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