Chennai: DMK President M K Stalin urged the Reserve Bank of India to extend the moratorium given for payment of EMI on loans taken from banks till August 31 to be extended in view of the continuing pandemic situation.
In a statement on Sunday, Stalin said the pandemic had led to job losses, salary cuts and paralysed businesses, particularly of MSMEs, giving a shock treatment to the middle classes.
Though the Monetary Policy Committee had discussed the devastation caused by the pandemic to the economy, it should be noted that not extending the moratorium on EMIs to bank loans would not help redeem the economy, Stalin said.
Flaying the suggestion that extending the moratorium would lead to the people forgetting the habit of repaying loans, Stalin said it was the same people who judiciously paid the EMIs once.
He requested bank heads not to put pressure on the RBI not to extend the moratorium beyond August 31, saying that a few of them were doing it now.