Loan moratorium extended till December 31

THIRUVANANTHAPURAM: The Cabinet has decided to declare a moratorium on foreclosure on agricultural, educational, dairy and animal husbandry loans from various financial institutions till December 31 in view of the damage to crops, sea fury and Covid induced lockdown.

This will be applicable to farmers, fishermen, retailers and small merchants loans from various financial institutions and government agencies such as the Housing Board, Co-operative Housing Federation, Backward Classes Development Corporation, Vegetable and Fruit Promotion Council, Co-operative Banks and Institutions under Section 71 of the Revenue Recovery Act, 1968.

The Reserve Bank and the Bankers' Committee will be asked to extend the moratorium on loans from nationalized banks, private banks, NBFCs and MFIs till December 31.