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Coronavirus pandemic | Lenders to request extension of moratorium beyond June: Report

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Banks will ask for an extension of the moratorium on loan repayments beyond June, as per a report by Business Standard.

The Reserve Bank of India (RBI) had on March 27 announced a moratorium on instalments due between March 1 and May 31. The move is intended to provide depositors some relief during the COVID-19 outbreak.

"There is no way that things will limp back till first week of June," a private banker said as per the report, adding that the moratorium should be extended for three months starting from June.

The three-month moratorium for borrowers seems inadequate, bankers said as per the report.

The matter is expected to be discussed at a meeting of a key panel of the Indian Banks' Association (IBA), and will be taken to the central bank after that, as per a source quoted in the report.

A separate report by Mint said lenders have asked the Centre to guarantee their incremental loans to micro, small and medium enterprises (MSMEs) of at least Rs 50,000 crore. The request was made by the IBA and is being evaluated by the government.

India is in a nationwide lockdown till May 3 to contain the spread of COVID-19. The lockdown was initially supposed to be lifted on April 15, but was extended later.