RBI extends loan repayment norms to 90 days


New Delhi: In a little relief to people hit by demonetisation, the Reserve Bank of India (RBI) on Wednesday allowed another 30 days period over the 60 days time for the repayment of housing, car, farm and other loans worth over Rs 1 crore.

The above special dispensation will apply to dues payable between November 1, and December 31, 2016, it said.

Following the surprise announcement made by Prime Minister Narendra Modi on November 8 to scrap Rs 500 and 1,000 notes resulted in cash crunch in the market leading  to slowdown in the business.

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