Some nd lenders have criticized the Reserve Bank of India's Fund India (RBI) directives for settling orrow borrowers on the payment for March.
Some leading non-bank lenders and private sector banks have asked micro finance clients to pay for the march, in some cases the payment has already been deducted.
The NBFC MFI has collected payment from the borrower until the end of March 21. Therefore, there should be no cash flow issue for them in this cycle.
That's why we insist on paying them the installment so far," said the chief executive of a private bank. “The situation may change in the next two months.
Our board will soon come out with a policy that will affect the RBI's call, ”he said.
Many loan providers in MFI have deducted installments on the first day of the month following loan exposure. They said a policy on the moratorium is still in progress.
Another prominent non-bank fir lender is reported to have called back loans against shares issued to top NBFC-MFI promoters, with cash flows for micro finance companies expected to push up later. This promoter has topped his pledge with additional shares, though.
MFI's uncertainty is frightening and seems to go against the RBI guidelines, making them anxious. The pay-day pressure exacerbated their pain.
The NBFC MFI has postponed both loan disbursement and storage immediately after implementing a nationwide lockdown.
The RBI relaxed the borrower last week by agreeing to avoid paying interest and principal for three months till the end of May. It asked the bank board to formulate appropriate policies for such relief.
Whether or not the lenders will postpone will technically depend on their respective policies has been left out by the RBI, said a leading NBFC-MFI chief executive.
The RBI scheme is nearing the end of the month. Sanjay Gupta, managing director of PNB Housing Finance, said that when the country is doing a lockdown and the board is working from home to house, there may be a delay in rolling out the moratorium scheme (by the lender). "We have to pay all term loan installments because we have sufficient liquidity," he said.
Postponement of the terms loan, otherwise, applies to all segments, regardless of the segment and term loan term.
The original payment term for the term loan will be extended by 90 days. For example, a repayable loan will mature on June 1, 2025, within 60 weeks of maturity on March 1, 2025.
According to an FAQ published by the Indian Banks' Association, companies can also request banks to reassess their working capital requirements due to disruption of their cash flows or expanding the working capital cycle.
RBI EMI Moratorium Rules. You Need to Know All Details. ALL BANK MORATORIUM DETAILSREAD GUJARATI NEWS REPORT
READ LATEST OFFICIAL NEWS REPORT
No comments:
Post a Comment