December 29, 2016 4:40 AM

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RBI gives 90 days more to borrowers to repay loans due till Dec 31

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees. <br/><br/>In a notification, RBI said, on a review, it has been decided to provide another 30 days over and above the existing 60 days. So, borrowers together get 90 days from getting the account classified under non-performing asset (NPA) category. <br/><br/>The notification said, the dispensation will apply to dues payable between 1st of last month and 31st of this month. It said, running working capital accounts or crop loans with the sanctioned limit of 1 crore rupees or less would be eligible for this benefit.<br/><br/>Last month, the RBI had provided additional 60 days for repayment of loans worth up to Rs 1 crore. Separately, the central bank came out this special dispensation for farm loan earlier this week.<br/>

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