Srinagar, Mar 27 (IANS): The Jammu and Kashmir Bank, which has the largest number of branches in J&K and Ladakh union territories, has decided to fully implement the RBI guidelines seeking a three-month long moratorium on term loans.
R. K. Chhibber, Chairman of the Bank has called the RBI guideline as a major relief to bank's borrowers during the tough times the country is presently passing through because of COVID-19 pandemic.
As per the RBI guidelines repayment of all the term loans will be extended by three months. The RBI directive also permits house finance companies and other financial institutions to extend this facility to their borrowers.
The traders in Jammu and Srinagar welcomed the decision terming it as the 'need of the hour'.