LOL welcome to the 21st century.
Government may have controlled business back in the 1950–1970s but, these days, government does not control business. At most, it regulates a few industries like banking.
In the specific case of moratorium on EMIs, RBI has permitted banks to allow a moratorium of up to three months in EMI payments. RBI has not advised / requested / mandated banks to provide any moratorium.
It’s really up to individual banks to decide whether they want to offer a moratorium at all, and, if so, for how many months and decide the modalities thereof such as interest mode, automatic deferrment for everyone or deferrment only based on opt-in by specific borrower, etc.
There’s no directive that banks must offer a moratorium.
Banks are free to do whatever they want within the regulatory framework, which, when I last checked, does allow them to chase defaulters as soon as they default.
Borrowers who want a loan in 5 mins should be prepared to face the lender's recovery actions in 5 mins after defaulting. Digital disbursement can't coexist with "analog" recovery actions like 3 reminders via regd post over 90 days etc. etc. https://t.co/UPBz2EMl8J
— Ketharaman Swaminathan (@s_ketharaman) March 4, 2020