Several businesses were hit badly, following the outbreak of COVID-19 and the subsequent lockdown.
With the job market being shaky due to the above mentioned reasons, the Reserve Bank of India (RBI) had on March 27 issued a circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31, 2020, due to the pandemic.
Later, the moratorium was extended till August 31 this year.
