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Make banks comply with RBI moratorium on EMIs: Manish Tewari

Party spokesman Manish Tewari made this demand to the ministry amid reports that many banks were proceeding to follow the regular EMI deduction schedule despite the RBI’s nod for deferring them for three months.

ET Bureau|
Last Updated: Apr 01, 2020, 12.29 AM IST
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Migrant workers are also being looked after. With strong will, you can solve many problems,” she tweeted.
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New Delhi:Congress urged the Union finance minister to intervene not only to ensure banks comply with the Reserve Bank of India’s directive for deferring payments of equated monthly instalments (EMIs) on all loans for three months due to the Covid-19 emergency but also to provide subvention of interest rate of the deferred EMIs.

Party spokesman Manish Tewari made this demand to the ministry amid reports that many banks were proceeding to follow the regular EMI deduction schedule despite the RBI’s nod for deferring them for three months. He demanded that the FM immediately make the banks issue the necessary notifications in line with the RBI-advised three-month moratorium and stressed that the subvention of interest rate on EMIs for the threemonth period was equally important to ensure the intended relief for customers.

The main opposition party also urged the Union ministries of finance, agriculture and food supplies to coordinate an action plan to help the farmers who are finding it difficult to harvest, store and market their rabi crop.

Meanwhile, All India Congress Committee general secretary Priyanka Gandhi Vadra complemented the governments of Congress-ruled states for their efforts against Covid-19. “The state governments of Rajasthan, Punjab, Chhattisgarh have been fully prepared to face this crisis.

Ration is reaching door to door.

Many private hospitals have been taken over by the government for this phase. Hotel rooms are being converted into isolation wards. The state’s employees have been taken care of.

Migrant workers are also being looked after. With strong will, you can solve many problems,” she tweeted.

Congress’s Demand:
Congress’s demand comes after reports that many banks are proceeding to follow the regular EMI deduction schedule despite RBI’s nod for deferring them for 3 months.

Tewari demands that FM immediately make banks issue the necessary notifications in line with the RBIadvised 3-month moratorium and stresses that subvention of interest rate on EMIs for 3-month is equally important for relief to customers.
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