Corona Virus (COVID-19) Update: No Relaxation on Credit Card Outstanding

In my last post, I had already informed our readers regarding 3 months moratorium on term loan EMIs, but the air was not cleared regarding Credit Card outstanding.

With great dismay, I would like to inform you that CC outstandings (including Loan on CC) are not a part of the moratorium. 

CNBC-TV18 tweeted that Reserve Bank of India has informed CNBC-TV18, credit card dues won't be part of the 3-month moratorium as it's not part of term loan.

However, I'm sure that Credit Card outstandings should fall under term-loan as to date the plastic card has always been classified as a short-term credit financing instrument. I'm not sure how come RBI did not count it as a term loan. I hope RBI clears the air soon as lots of people with outstandings on their card are panicking.

For the latest COVID-19 updates on financial instruments, stay connected with ChargePlate.

Thanks for reading!