After the demonization of 500 and 1000 notes, and the chaos going on in the market, the Reserve Bank of India (RBI) has declared a 60 day relief for cars, housing, farm and other loans under 1 crore value.
People from any bank including Non-Banking Financial Companys (NBFC), can avail this offer from 1st November to 31 December this year. Apex bank made it clear that the step taken is only due to demonetization chaos and won't last for more than 2 months, nor any changes will take place in loan policy.
Because of the demonetization both the banks as well as the common people are suffering with the currency crises. Finance sector is on hold.
People have to stand in long queues to get their money exchanged for the new on. All transactions in the market including payments, cheques, loans and other services are delayed.
"It is a welcome move by the RBI as many customers have expressed their inability to repay dues in time because of the on going demonetization drive," said Harshil Mehta, CEO of housing finance company DHFL.
Prime Minister, Narendra Modi believes that the situation will be normalized before the end of this year.
