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ARTICLE · 16 MAY 2020

Moratorium: Meaning And Relief Measures Introduced By RBI Amid COVID-19

S.S. Rana & Co.
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The current situation arising out of the COVID-19 outbreak and the following lockdown has created an acute disruption in the normal lives.

IndiaCoronavirus (COVID-19)
Reetika Wadhwa
Reetika Wadhwa
Nishtha Das
Nishtha Das
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The current situation arising out of the COVID-19 outbreak and the following lockdown has created an acute disruption in the normal lives. The economy is also witnessing a slow fall-out owing to the said out-break. During this stressful period, the Reserve Bank of India (hereinafter referred to as 'RBI') has rolled out the provision of 'moratorium' in order to provide some relief to the borrowers. The RBI vide its notification dated March 27, 2020[1] has directed all the existing banks to grant a moratorium of three months on payment of all installments falling due between March 1, 2020 and May 31, 2020.

What is moratorium period?

A moratorium period can be understood as a temporary suspension of any financial activity until future events restore normalcy and permit cessation of the suspension. A moratorium may be imposed by government or by a business or in the said case, by the Central Bank of the nation i.e. RBI. Moratoriums are often imposed as a resolving

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