Indian telecom companies opt for three months EMI moratorium |
Indian telecom operators have decided to raise mobile call and internet rates at the earliest but during the lockdown, the rates will remain stable. After the reserve bank of India allowed banks to put on hold EMI payments on all term loans for three months, the telecom operators also decided to opt for the three-month moratorium in loan repayment to help them maintain cash flow. There is debt of around 1.6-2 lakh crore rupees that telecom operators owe to Indian banks. The RBI allowed banks to put on hold EMI payments on all term loans for three months, slashed the cost of fresh borrowing by cutting policy interest rate by steepest in more than 11 years and infused a massive 3.74 lakh crore liquidity as it joined the efforts of the government to counter the economic fallout of coronavirus pandemic. Mobile subscribers get access to 4G data at a price as low as Rs 3.5 per GB but if the floor price is fixed as demanded by telecom operators, mobile internet prices will rise 5-10 times from the current level. Debt-ridden Vodafone Idea has proposed that the minimum price of data should be fixed at Rs 35 per GB, Bharti Airtel has proposed a minimum price of Rs 30 per GB for low data users and Reliance Jio wants it to be hiked gradually to Rs 20 per GB.
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