HomeCOVID-19 Policy
Policy on EMI Moratorium in accordance with the COVID-19 – Regulatory Package
RBI Circular dated May 23, 2020
(RBI Circular no. RBI/2019‐20/244 DOR.No.BP.BC.71/21.04.048/2019‐20)
Policy Dated – 28th May 2020
On 22nd May 2020, the Reserve Bank of India ("RBI") issued guidelines which were in continuation of its guidelines published on 27th March 2020 and 17th April 2020 announcing specific regulatory measures in the wake of the disruptions on account of COVID‐19 pandemic and the consequent asset class if ication and provisioning norms. The intensification of COVID‐19 disruptions has imparted priority to relaxing repayment pressures by mitigating the burden of debt servicing, prevent the transmission of financial stress to the real economy, and ensure the continuity of viable businesses and households. Vastu Housing Finance Corporation ("VHFC" or "Company") is committed to helping its customers who are financially affected by the disruptions brought about by the COVID‐19 pandemic. Accordingly, the Company approves the revised Policy on EMI moratorium on account of COVID‐19 pandemic ("Policy") is being issued as follows.
The Policy provides authority to the MD & CEO, CFO, Head ‐ Operations, Head ‐ Underwriting, Business Head or any other person as delegated by MD & CEO for decision in the case in question. MD & CEO is authorized to approve any operational procedures/guidelines as may be required to implement the Policy and make any changes to the Policy in line with the directions/guidelines issued by RBI from time to time.
The Board of VHFC may make suitable amendments to this Policy as may be required. This Policy is subject to any further directions and guidelines issued by the RBI from time to time.
This board approved Policy will be hosted on VHFC’s website as required under RBI guidelines.