Earlier, the central government had announced a six-month loan repayment period from March to August. However, most of the industries are still at halt due to unavailability of coronavirus vaccine in the market. As government offices, private establishments, star hotels are in short of supply, Auto-rickshaws, taxis, private tourist vehicles and buses (excluding essential services) have not received any business in the last six months. As a result, the lack of financial income has led to the demise of many establishments and industries, and some industries are on the verge of permanent closure.
The RBI has recently clarified that after its credit policy review meeting, no extension can be given for repayment of loans and instructions will be given to restructure the respective loans. As a result of this decision, the borrowers will have to pay an extended period of time and a lower loan installment (EMI) than before. In this connection, the Shiv Vahatuk Sena, which is affiliated to the Shiv Sena, has asked the Chief Minister Mr. Uddhav Thackeray, to recommend to the Center that an additional loan repayment period should be extended till the end of December next year. General Secretary Mr. Mohan Goyal & Maharashtra Vice President Mr. Sajid Supariwala have quoted that the demand was made to provide some relief to the transporters who are already reeling from the economic crisis.