Shiv Sena MP Chaturvedi reacts to RBI's 3-month EMI moratorium move; makes big statement

After the RBI announced a three-month moratorium on EMI installments, Shiv Sena leader Priyanka Chaturvedi lauded the body saying that all institutions were coming together to fight the COVID-19 pandemic. In a massive decision, the Reserve Bank of India has announced that banks are permitted to allow a 3-month moratorium on payment of instalments of all term loans outstanding on March 1, 2020. This decision applies to all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies.

Read:MASSIVE: RBI Announces 3-month Moratorium On EMI Installments Of All Term Loans

Read: WATCH The Most Important RBI Briefing: From Repo Rate Slash To 3-month EMI Moratorium

RBI Governor announces slew of measures

Apart from the 3-month moratorium on EMI installments. addressing the media via a video conference, the RBI governor announced a series of measures including a reduction in the repo rate, reverse repo rate, and more. RBI governor Shaktikanta Das said there was a pattern of panic withdrawal witnessed amongst customers in the wake of the falling share prices owing to the COVID-19 pandemic. Urging the public to trust the financial institutions, Shaktikanta Das assured that the funds would remain safe with the banks and that there was no necessity to worry about the safety of their funds invested. 

Read: FM Sitharaman Gives First Response As RBI Issues 3-month EMI Moratorium, Slashes Key Rate