Tamil Maanila Congress president G.K. Vasan welcomed the RBI’s decision to extend the term loan moratorium for three more months, but said it would be more beneficial only if the interest component was waived off.
In a statement, he noted that the COVID-19-related lockdown had severely affected income generation in sectors like agriculture, medium, small and micro industries and other segments.
The deferment of EMI payments on loans till August, overall by six months would give some relief, Mr. Vasan said.
However, he said no additional interest or any other charges should be collect when the EMIs were paid after six months.
Mr. Vasan urged the Centre to take into account the economic hardship faced by people and waive off interest.
