Know the hidden truth behind RBI EMI holiday

The Reserve Bank of India (RBI) has come to the rescue of not only corporate borrowers bearing the brunt of coronavirus lockdown but also individuals facing income disruptions due to the nationwide shutdown after the spread of novel coronavirus swept the entire world. “The move will provide some relief to individuals, especially self-employed ones, who are facing income loss due to the ongoing lockdown. Various measures to nudge banks to lend and to inject liquidity into the system, will help in passing the benefit to the potential borrowers – people with small businesses, self-employed and so on – in dire situation right now, with everything shut-down,” says Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group.