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#Post 14 : Moratorium

Do you really think that Moratorium has benefited all the people who have opted for this service?

According to me it has been a mixed effect on the individuals. Due to the global pandemic, whole world was just trying to protect itself from the disease “Coronavirus” and the people were trying to retain their jobs as many organization were laying off the employees. At that time RBI has allowed the banks and NBFC’s to offer moratorium to its customers on 27th March 2020 so that the customers can have a relief for repaying the loan for some time as it can be pushed ahead for 3 months. On 22nd May, RBI once again allowed the banks and NBFC’s 


One of the features of the moratorium that attracted most to the customers was that they only have to incur the extra interest charges for the 3 month and the loan amount with the earlier interest can be paid after 3 months. RBI cleared that if the individual opt for the moratorium and are not paying the outstanding balance, their credit score will not be affected. But at the same time they had to incur an extra interest charge which is a debt for the individual.

Customers were given an option to opt for the Moratorium if they wish to pay their loans 3 months later. Many people who thought that they may not able to pay the loan amount at that time and they may be at default, has opted for the service. Once they have opted for the service, their loan amount should not have been deducted from the account and only the interest charges on the outstanding balance should have been deducted.


Here comes the most disappointing service by the bank that the people have opted for the moratorium and the outstanding amount has been deducted from their account and they were disappointed as they had their saving to use when they need in difficult situations. Banks should have taken action on that situation before the outstanding money was deducted as the customer has opted for the moratorium. The customers had opted for the service in the faith that they will not face any issue during the pandemic. Once the money was deducted from the account, they had no option to reach the bank as the customer support lines were closed and they were not able to resolve the issue.

As there was no option to reach to the customer support, they found an alternative option to reach the bank. They used the social media platform to reach the bank and from there they communicated with the bank. If the steps would have been taken before the issues going on, then there would not have been any problem to the customer. Due to this issue, there may a trust issue between the bank and the customer in future.
                                                                                               
 by Abhishek Singh
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