Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Register now for Commodity Ki Paathshala webinar on ‘FPOs & Agriculture Marketing-The Beginning of a New Era’ on January 22, 4pm
you are here: HomeNewsBusiness

Coronavirus pandemic | Canara Bank, IDBI Bank offer customers moratorium on term loans

The Reserve Bank of India (RBI) on March 27 said all financial institutions can provide a three-month deferment on payments of instalments for all term loans that were outstanding as on March 1

March 31, 2020 / 03:03 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Canara Bank and IDBI Bank on March 31 have offered a moratorium on term loan instalments in light of the novel coronavirus, or COVID-19, pandemic.

Canara Bank, in a tweet, said:

To track all live updates from the coronavirus pandemic, click here

On similar lines, IDBI Bank customers have been granted a moratorium on term loan instalments and interest payments up to May 31 with the repayment schedule being extended accordingly. The bank has also offered a deferment of interest payments on working capital loans for borrowed accounts, a move aimed at cushioning the economic fallout of the COVID-19 outbreak.

Also Read | SBI may offer 3-month moratorium on loans to all customers: Report

However, those customers of IDBI Bank, whose cash flows have not been impacted, have been given the option to continue payments.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

The Reserve Bank of India (RBI) on March 27 said all financial institutions can provide a three-month deferment on payments of instalments for all term loans that were outstanding as on March 1. The announcement came as a huge relief for individuals, especially middle-class loan borrowers.

Also Read | RBI clarifies on loan moratorium: Are credit card dues included, what happens after 3 months and other vital points you should know

As soon as the moratorium, which will apply for loan instalments falling between March 1 and May 31 ends, the loan tenure will get adjusted to one's repayment, including the interest payment burden. 

Follow our full coverage here

Moneycontrol News
first published: Mar 31, 2020 03:03 pm

stay updated

Get Daily News on your Browser
Sections