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December 18, 2024
New Delhi – Apex transporters body All India Motor Transport Congress (AIMTC) urged the Reserve Bank of India (RBI) to extend the moratorium on payment of loans for purchase vehicle by the transporters till December 31, saying the sector was reeling under financial crisis.
In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020, which in May was extended by another three months till August (31 Aug 2020) to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.
"The road transport sector in India is highly distressed, reeling in deep financial crisis due to fallout of corona-induced lockdowns and there is little hope of its revival in the current Financial Year. The critical condition of the road transport sector is impacting more than 20 crore people, directly and indirectly," AIMTC said in a letter to the RBI Governor.
