RBI should extend loan moratorium period for 6 more months: DMK

CHENNAI: The Reserve Bank of India (RBI) should extend the loan moratorium period for six more months, the DMK said on Sunday. In a statement, party president MK Stalin said, “The news that the moratorium on loans won’t be extended beyond August 31 has come as a shock to the salaried people, who have faced job loss and pay cut, and MSMEs.” He requested RBI Governor Shakthikanta Das and Union Finance Minister Nirmala Sitharaman that no interested be charged and penalty interest for such extended periods. Stalin also stated that it is not a big challenge (not collecting interest and penalty) for the RBI to assist the poor and the middle-class since the RBI has approved transfer of `57,128 crore to the Union government from its surplus fund.