Lockdown moratorium | Loans up to ₹2 crore may get relief
4 years, 2 months ago

Lockdown moratorium | Loans up to ₹2 crore may get relief

The Hindu  

The Centre has informed the Supreme Court that it will continue to “hand-hold” small and vulnerable borrowers and waive the compound interest accumulated against their loans during the six-month moratorium period. The government made it clear that “any individual or entity whose loan amount is more than ₹2 crore will not be eligible for waiver of compounding of interest”. The 20-odd page affidavit reasoned that banks would suffer a loss of ₹6 lakh crore if the government agreed to a complete waiver of loans to all borrowers of all categories for the entire moratorium. It said even this limited waiver may have an impact on “pressing commitments to the nation, including meeting direct costs associated with pandemic management, addressing basic needs of common man” and so on.

Loan Interest Waiver Borrowers Moratorium Npa Compound Interest  loans  relief  interest  moratorium  crore  compound  borrowers  loan  affidavit  small  lockdown  india  waiver

History of this topic

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court
2 years, 11 months ago

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court

Live Law  

The Karnataka High Court recently set aside the directionsissued to Reserve Bank of India by a single judge bench of the High Court directing it to monitor the implementation of Covid-19 package announced on March 27, 20202, by which RBI had allowed Banks to declare a three-month moratorium on all term loans, outstanding as on March 1, 2020. Senior Advocate …

Kerala CM seeks moratorium on loan repayment
3 years, 4 months ago

Kerala CM seeks moratorium on loan repayment

The Hindu  

Chief Minister Pinarayi Vijayan on Thursday sought more cooperation from banks for effectively overcoming the pandemic-induced economic downturn. Mr. Vijayan urged the banks to ensure maximum coverage for farmers, dairy farmers and fishers under the Pradhan Mantri Kisan Samman Nidhi. The Chief Minister encouraged banks to provide liberal assistance to agricultural production groups that are being formed under the State …

Bring policy to refund 'interest on interest' charged during moratorium period: RBI asks NBFCs
3 years, 8 months ago

Bring policy to refund 'interest on interest' charged during moratorium period: RBI asks NBFCs

India TV News  

The Reserve Bank of India has directed all banks and NBFCs to immediately put in place a board-approved policy to refund or adjust the 'interest on interest' charged to borrowers during the moratorium period of March 1 to August 31, 2020. In a major relief to big borrowers, the Supreme Court last month ruled that no penal or compound interest …

Supreme Court waives compound, penal interests on loans during moratorium
3 years, 9 months ago

Supreme Court waives compound, penal interests on loans during moratorium

Hindustan Times  

The Supreme Court on Tuesday ordered banks against charging borrowers any penal interest or compound interest on loans during the moratorium on repayment of loans from March to August 2020 in view of the Covid-19 pandemic. The court refused to extend the moratorium or tinker with the resolution mechanism proposed by Reserve Bank of India to waive compound interest on …

Loan moratorium case | Refund penal interest on EMIs, Supreme Court tells lenders
3 years, 9 months ago

Loan moratorium case | Refund penal interest on EMIs, Supreme Court tells lenders

The Hindu  

The Supreme Court on Tuesday directed banks and financial institutions to refund compound interest, interest on interest or penal interest collected on EMI for loans during the period of moratorium from March 1 to August 31 last year. The court said the amount accumulated as compound/penal interest or interest on interest during the six-month moratorium on term loan EMIs should …

Supreme Court Bars Charging Compound Interest Or Penal Interest On Any Borrower During Loan Moratorium; Refuses Moratorium Extension
3 years, 9 months ago

Supreme Court Bars Charging Compound Interest Or Penal Interest On Any Borrower During Loan Moratorium; Refuses Moratorium Extension

Live Law  

The Supreme Court on Tuesday directed that there should be no charging of compound interest, interest on interest or penal interest on the installments which were due during the loan moratorium period from March 1 to August 31 last year on any borrower, irrespective of the loan amount. Terming this policy of the Centre to be "arbitrary and discriminatory", the …

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium
3 years, 9 months ago

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium

Live Law  

The Supreme Court on Tuesday directed that there should be no charging of compound interest, interest on interest or penal interest on the installments which were due during the loan moratorium period from March 1 to August 31 last year on any borrower, irrespective of the loan amount. Terming this policy of the Centre to be "arbitrary and discriminatory", the …

Loan Moratorium- Resolution Framework For COVID-Related Stress More Restrictive Than Prudential Norms For Normal Times: SC Told
4 years ago

Loan Moratorium- Resolution Framework For COVID-Related Stress More Restrictive Than Prudential Norms For Normal Times: SC Told

Live Law  

Senior Advocate Ravindra Srivastava, for the group, told the bench of Justices Ashok Bhushan, R. Subhash Reddy and M. R. Shah that the banks are "prevailing over" the government and the RBI and "making huge profits". Mr. Srivastava argued that while the Kamath committee had mentioned 26 sectors as having been severely-impacted during the Covid pandemic, the waiver of compound …

Loan Moratorium : Implement Decision To Waive Interest For 8 Specified Loan Categories, Supreme Court Directs Centre
4 years ago

Loan Moratorium : Implement Decision To Waive Interest For 8 Specified Loan Categories, Supreme Court Directs Centre

Live Law  

The bench of Justices Ashok Bhushan, R. Subhash Reddy, and M. R. Shah was disposing of a batch of writ petitions which sought for waiver of interest during the loan moratorium period allowed by the Reserve Bank of Indian from March 1 to August 31. The bench noted that in the affidavit dated 23.10.2020 filed on behalf of the Union …

"Situation Demands That Loan Moratorium Be Extended Till 31 March 2021": Plea In Supreme Court Seeks Extension
4 years ago

"Situation Demands That Loan Moratorium Be Extended Till 31 March 2021": Plea In Supreme Court Seeks Extension

Live Law  

An amendment application for the prayers in the plea seeking directions to extend the moratorium period till March 31, 2021 has been filed in the Supreme Court.The Supreme Court is currently seized of a batch of plea's and is hearing the issue of extension of loan moratorium and waiver of accruing interest.One of the Petitioner Advocate Vishal Tiwari has sought …

The Hindu Explains | What is a bank moratorium, and when does it come into play?
4 years, 1 month ago

The Hindu Explains | What is a bank moratorium, and when does it come into play?

The Hindu  

The story so far: On November 17, the Centre, acting on the recommendation of the Reserve Bank of India, imposed a moratorium on Lakshmi Vilas Bank for a period of 30 days. The RBI, the regulatory body overseeing the country’s financial system, has the power to ask the government to have a moratorium placed on a bank’s operations for a …

Last Date for Lenders to Credit Interest-on-interest in Borrower Accounts Today; All You Need to Know
4 years, 1 month ago

Last Date for Lenders to Credit Interest-on-interest in Borrower Accounts Today; All You Need to Know

News 18  

Lenders have been directed to credit in the accounts of eligible borrowers the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme by today. The apex court in the due course directed the Centre to provide interest waiver on loans of up to Rs 2 crore under …

[Loan Moratorium And Interest Waiver] Banks Are Advised To Credit Difference Between Compound And Simple Interest To Borrowers: RBI Tells Supreme Court
4 years, 1 month ago

[Loan Moratorium And Interest Waiver] Banks Are Advised To Credit Difference Between Compound And Simple Interest To Borrowers: RBI Tells Supreme Court

Live Law  

In the ongoing issue pertaining to levy of accruing interest on interest and loan moratorium before Supreme Court, Reserve Bank of India informed the Court that banks shall be guided by a Scheme for effectuating ex gratia payments to borrowers towards specified loan amounts.The Additional Affidavit states that the applicable scheme dated October 23 will be "Scheme for grant of …

Loan moratorium: Crop, tractor loans not part of interest-on-interest waiver scheme, Centre clarifies
4 years, 1 month ago

Loan moratorium: Crop, tractor loans not part of interest-on-interest waiver scheme, Centre clarifies

India TV News  

Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Issuing additional frequently asked questions on the 'scheme for grant of ex-gratia payment of the difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would be considered …

Compound conundrum: The Hindu Editorial on interest waiver
4 years, 1 month ago

Compound conundrum: The Hindu Editorial on interest waiver

The Hindu  

The Centre’s scheme to bear the difference between the compound interest and simple interest on retail and MSME loans availed by borrowers whose aggregate outstanding borrowings were less than ₹2 crore between March 1 and August 31, has come not a day too soon. In spelling out the norms for lenders to identify eligible beneficiaries and then ensure that the …

EXPLAINED | Banks To Give Cashback For Interest Waiver To Borrowers Before Diwali: Understand In 10 Points
4 years, 1 month ago

EXPLAINED | Banks To Give Cashback For Interest Waiver To Borrowers Before Diwali: Understand In 10 Points

ABP News  

In a move to ease the financial burden, the Reserve Bank of India directed all the banks and the financial institution of the country to implement the central government’s scheme of interest-on-interest waiver loans for up to Rs. The government has asked the lenders to complete the crediting of ‘interest on interest’ charges in the accounts of borrowers by November …

RBI Asks Lenders to Implement Waiver of Interest on Interest for Loans upto Rs 2cr by Nov 5
4 years, 1 month ago

RBI Asks Lenders to Implement Waiver of Interest on Interest for Loans upto Rs 2cr by Nov 5

News 18  

The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5, as decided by the government. Last Friday, the government had announced the scheme for grant of ex-gratia payment of …

Here is What You Will Get if You Paid Your EMIs on Time During Loan Moratorium Period
4 years, 1 month ago

Here is What You Will Get if You Paid Your EMIs on Time During Loan Moratorium Period

News 18  

The Reserve Bank of India had in March, after the outbreak of the novel coronavirus, provided a moratorium on repayment of EMIs and credit card dues for three months. The top court in the due course directed the Centre to implement “as soon as possible” interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme. …

Loan moratorium | Centre informs Supreme Court it will repay additional interest by November 5
4 years, 1 month ago

Loan moratorium | Centre informs Supreme Court it will repay additional interest by November 5

The Hindu  

The Centre has informed the Supreme Court that the difference in the compound interest and simple interest charged for six months of moratorium period on eight categories of loans worth up to ₹2 crore will be paid back to borrowers by November 5, 2020. "The Central Government has directed that all lending institutions shall give effect to the scheme and …

[Loan Moratorium] Scheme Of Waiver Of 'Interest On Interest' For Eligible Borrowers Will Be Implemented By Nov.5: Centre Tells Supreme Court
4 years, 2 months ago

[Loan Moratorium] Scheme Of Waiver Of 'Interest On Interest' For Eligible Borrowers Will Be Implemented By Nov.5: Centre Tells Supreme Court

Live Law  

The Central Government has filed an affidavit stating that the Ministry of Finance has approved the policy decision for granting various reliefs for Covid pandemic, including a policy decision whereby waiver of interest on interest would be effectuated for eligible borrowers of loans up to Rs. The eligible borrowers under the scheme shall be on MSME loans, Education loan, housing …

Loan interest waiver to be credited by November 5
4 years, 2 months ago

Loan interest waiver to be credited by November 5

The Hindu  

Three weeks after informing the Supreme Court that the Centre would bear the additional compound interest on loans of up to ₹2 crore availed by retail borrowers as well as micro, small and medium enterprises, the government formally communicated the modalities of the scheme to lenders on Friday. Banks and other lenders, including co-operative banks and non-banking finance companies, have …

Govt Waives Interest on Interest for Loans Up to Rs 2 Cr Even for Those Who Didn't Opt for Moratorium
4 years, 2 months ago

Govt Waives Interest on Interest for Loans Up to Rs 2 Cr Even for Those Who Didn't Opt for Moratorium

News 18  

New Delhi: In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not. The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans …

Govt waives interest on interest for loans up to ₹2 crore
4 years, 2 months ago

Govt waives interest on interest for loans up to ₹2 crore

The Hindu  

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to ₹2 crore irrespective of whether moratorium was availed or not. The Department of Financial Services came out with operational guidelines in the backdrop of Supreme Court’s direction to implement the interest waiver …

Good news for MSME, housing, education loan borrowers ahead of Diwali, govt likely to waive interest on interest
4 years, 2 months ago

Good news for MSME, housing, education loan borrowers ahead of Diwali, govt likely to waive interest on interest

India Today  

Ahead of Diwali, a category of borrowers with up to Rs 2 crore loan for MSME, housing, education and five other categories are likely to get some relief as the government is said to have decided to waive "interest on interest" on loans up to Rs 2 crore during the six-month moratorium period, announced by the Reserve Bank of India …

Loan borrowers’ Deepavali in your hands, Supreme Court tells government
4 years, 2 months ago

Loan borrowers’ Deepavali in your hands, Supreme Court tells government

The Hindu  

The Supreme Court on Wednesday questioned the government’s need to wait a whole month, till November 15, to notify the implementation of a scheme for waiving the compound interest accumulated during the moratorium against loans worth up to ₹2 crore. To this, Justice Shah said the court welcomed the step taken by the government to “take care” of the common …

"Their Diwali Is In Your Hands": SC Seeks Centre's Response On Implementation Of Benefits To Small Borrowers By November 2
4 years, 2 months ago

"Their Diwali Is In Your Hands": SC Seeks Centre's Response On Implementation Of Benefits To Small Borrowers By November 2

Live Law  

The Supreme Court on Wednesday pulled up the Centre as for its delay in implementation of their decision for providing benefits to small borrowers who had taken loans of up to 2 Crores.A bench comprising Justices Ashok Bhushan, R Subhash Reddy and MR Shah told the Centre that even though it had welcomed its decision of relieving the smaller borrowers, …

RBI Accepts Recommendation For Separate Treatment of Aviation, Automotive, Roads Sectors
4 years, 2 months ago

RBI Accepts Recommendation For Separate Treatment of Aviation, Automotive, Roads Sectors

News 18  

Citing Kamath Committee recommendations, the Reserve Bank of India has informed the Supreme Court that it has accepted the recommendation for different treatment for sectors namely aviation, automobile manufacturing, roads and wholesale trading. Citing the September 7 special window notification, the RBI insisted that banks have sufficient flexibility to accommodate the impact of Covid-19 while specifying specific ratios for determining …

Moratorium extension not in borrowers\' interest: RBI tells SC
4 years, 2 months ago

Moratorium extension not in borrowers\' interest: RBI tells SC

Deccan Chronicle  

New Delhi: A loan moratorium exceeding six months might result in vitiating the overall credit discipline, which will have a debilitating impact on the process of credit creation in the economy, the Reserve Bank of India told the Supreme Court on Saturday. In its 17-page “consolidated affidavit” filed ahead of the hearing on Tuesday of the loan moratorium case, the …

Loan moratorium: Compound interest waiver applies to small firms, individuals
4 years, 2 months ago

Loan moratorium: Compound interest waiver applies to small firms, individuals

India Today  

The Union finance ministry is unlikely to extend the benefits of its move to waive the ‘interest on interest’ levied on loans taken by small firms and individuals. In March, the RBI asked lending institutions like banks, non-banking financial companies, microfinance institutions and housing finance companies to allow their borrowers to defer their instalments. The RBI’s recent financial stability report …

Govt Ready to Waive Interest on Loans Up to Rs 2 Crore, Says it’s the ‘Only Solution’ Amid Pandemic
4 years, 2 months ago

Govt Ready to Waive Interest on Loans Up to Rs 2 Crore, Says it’s the ‘Only Solution’ Amid Pandemic

News 18  

In a huge relief for individual and MSMEs borrowers, the central government on Friday told the Supreme Co urt that it will be waiving interest on the repayment of loans of up to Rs 2 crore, frozen by the RBI in a six-month moratorium granted because of the COVID-19 pandemic. “This category of borrowers, in whose case the compound interest …

SBI loan restructuring: How interest will be calculated during moratorium extension period
4 years, 2 months ago

SBI loan restructuring: How interest will be calculated during moratorium extension period

India Today  

A few days ago, the country’s largest lender State Bank of India came out with a set of rules and regulations for offering an extension on loan repayments to those affected financially by the Covid-19 pandemic. However, there are several key aspects that Covid-affected customers need to know before availing moratorium extension on repayments under SBI’s loan repayment framework. Loan …

Banks tread with care on recast, as SC verdict on waiver looms large
4 years, 3 months ago

Banks tread with care on recast, as SC verdict on waiver looms large

Live Mint  

Stung by a sour past on asset quality, India’s lenders are taking all kinds of precautions before they go easy on borrowers by restructuring loans. The higher interest rate charged is also to offset the cost the bank incurs due to provisioning. “For individual loans, immediate P&L impact for SBI will be limited to the provisioning towards restructured individual accounts,” …

A balanced approach to waiving interest during moratorium
4 years, 3 months ago

A balanced approach to waiving interest during moratorium

Live Mint  

In March 2020, the Reserve Bank of India allowed a moratorium of three months on payment of instalments of loans and later extended it by three months till 31 August 2020. The scheme was a half-hearted measure to provide relief to borrowers, as the moratorium was too brief, knowing well the gravity and longevity of covid, and it addressed only …

Interest During Loan Moratorium: Centre Constitutes Expert Committee
4 years, 3 months ago

Interest During Loan Moratorium: Centre Constitutes Expert Committee

Live Law  

The Ministry of Finance on Thursday constituted an Expert Committee to study the issues related to waiver of interest and interest on interest during loan moratorium. The Centre had today told the Supreme Court today that an expert committee will look into various issues raised in the ongoing hearing in the matter of Gajendra Sharma Vs. UoI and Others The …

Govt Sets Up Expert Panel to Look into Issue of Waiver of Interest During Moratorium
4 years, 3 months ago

Govt Sets Up Expert Panel to Look into Issue of Waiver of Interest During Moratorium

News 18  

The government on Thursday said it has constituted an expert committee under former CAG Rajiv Mehrishi to look into the much-debated issue of waiver of interest on loans during the moratorium period. The announcement came hours after the government informed the Supreme Court that an expert panel has been set up to look into the issue of interest being charged …

In a Relief to Borrowers, Supreme Court Extends Loan Moratorium Scheme till September 28
4 years, 3 months ago

In a Relief to Borrowers, Supreme Court Extends Loan Moratorium Scheme till September 28

News 18  

Continuing its interim order, the Supreme Court on Thursday extended loan repayment moratorium till September 28 that directed banks not to declare any loan as NPA due to non-payment of installments during the period. The apex court had earlier asked the Centre and the Reserve Bank of India to review the move to charge interest on EMIs during the moratorium …

[Loan Moratorium & Interest Waiver] "Highest Level Expert Committee Convening Meetings & Will Take Holistic Decision In Two Weeks": Centre Tells SC, Interim Order To Continue [Read Order]
4 years, 3 months ago

[Loan Moratorium & Interest Waiver] "Highest Level Expert Committee Convening Meetings & Will Take Holistic Decision In Two Weeks": Centre Tells SC, Interim Order To Continue [Read Order]

Live Law  

The Centre informed Supreme Court on Thursday that an Expert Committee at the highest level had been constituted in order to take a decision on the issue of moratorium extension, interest during moratorium, interest on interest and other related issues. Solicitor General Tushar Mehta sought two weeks time in order to place on record a comprehensive affidavit in this regard …

Loan moratorium: RBI likely to announce one-time loan restructuring guidelines soon
4 years, 3 months ago

Loan moratorium: RBI likely to announce one-time loan restructuring guidelines soon

Live Mint  

The Reserve Bank of India is likely to announce the financial parameters of its proposed loan restructuring scheme soon. In his interview to CNBC Awaaz, RBI Governor Shaktikanta Das said that banks can extend the loan moratorium by 3, 6 or even 12 months under the one-time restructuring. To mitigate the hardships faced by the borrowers during coronavirus pandemic, the …

Supreme Court Adjourns Hearing in Loan Moratorium Case Till September 10
4 years, 3 months ago

Supreme Court Adjourns Hearing in Loan Moratorium Case Till September 10

News 18  

The Supreme Court on Thursday provided some relief to stressed borrowers who are facing hardship due to impact of COVID-19 pandemic. The bench said that accounts which were not declared as non-performing assets till August 31 this year, shall not be declared NPA till further orders, and adjourned the next hearing in the loan moratorium matter until next week Thursday, …

Relief for borrowers in moratorium case
4 years, 3 months ago

Relief for borrowers in moratorium case

The Hindu  

The Supreme Court on Thursday directed banks that loan accounts on the clear till the expiry of the moratorium on August 31 should not be declared as non-performing assets till further orders. A Bench led by Justice Ashok Bhushan spelt relief for borrowers struggling to gain their feet amid a pandemic with its one-liner that “accounts which were not declared …

Banks Can’t Declare Loan Accounts as NPAs Till Further Orders: SC
4 years, 3 months ago

Banks Can’t Declare Loan Accounts as NPAs Till Further Orders: SC

The Quint  

The Solicitor General, representing the Finance Ministry and the RBI, submitted before the bench that an expert committee on resolutions is to decide sector-wise relief to ease stress caused by the pandemic. "Expert committee does not come in way of individual borrowers," said Mehta, who also cited the 6 August RBI circular which deals with stressed accounts and provides for …

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court
4 years, 3 months ago

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court

News 18  

The Supreme Court Thursday directed that accounts, which were not declared as non-performing asset till August 31 this year, shall not be declared NPA till further orders. In view of the above, the accounts which were not declared NPA till August 31, 2020 shall not be declared NPA till further orders, said the bench, also comprising Justices R S Reddy …

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC
4 years, 3 months ago

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC

Live Mint  

The Supreme Court of India on Thursday passed an interim order saying that the accounts not declared as non-performing asset as on 31 August shall not be declared as NPAs till further notice. The apex court on Thursday heard a batch of petitions seeking interest waiver on loan moratorium granted by Reserve Bank of India. While arguing whether banks should …

Loan moratorium | Interest on interest “worse than taking a pound of flesh”
4 years, 3 months ago

Loan moratorium | Interest on interest “worse than taking a pound of flesh”

The Hindu  

Circulars issued by the Reserve Bank of India on August 6 and hailed by the government in the Supreme Court came under intense criticism from individual borrowers and commercial sectors across the spectrum who called it “old wine in a new bottle”. The circulars allow individual banks discretion to resolve COVID-19 -related stress and customise relief to individual borrowers facing …

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told
4 years, 3 months ago

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told

News 18  

Banks are free to restructure loans but they cannot penalise honest borrowers by charging interest on deferred EMI payments under the moratorium scheme during the COVID-19 pandemic, a petitioner opposing the move said in the Supreme Court on Wednesday. A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest …

Loan moratorium can be extended by 2 years: Govt
4 years, 3 months ago

Loan moratorium can be extended by 2 years: Govt

Live Mint  

The moratorium for repayment of loans can be extended by up to two years, according to a 6 August circular by the Reserve Bank of India, solicitor general Tushar Mehta told the Supreme Court on Tuesday. The central government also apprised the bench that it has filed an affidavit stating that the National Disaster Management Authority has taken cognizance of …

Interest waiver on EMIs during moratorium against basic canon of finance: Centre
4 years, 3 months ago

Interest waiver on EMIs during moratorium against basic canon of finance: Centre

Live Mint  

Waiver of interest on deferred EMIs during the moratorium period would be against “the basic canons of finance” and unfair to those who repaid loans as per schedule, the Centre told the Supreme Court on Tuesday. The government said any “post facto” change in the terms of the RBI circulars with regard to non-charging of interest during the moratorium period …

"Loan Moratorium Period Capable Of Being Extended By 2 Years": Centre Tells SC
4 years, 3 months ago

"Loan Moratorium Period Capable Of Being Extended By 2 Years": Centre Tells SC

Live Law  

The Central Government told the Supreme Court on Tuesday that the moratorium period is extendable by two years. @RBI #loans #moratorium #banks #interestwaiver pic.twitter.com/o6P3EoImJh — Live Law September 1, 2020 Earlier, the Supreme Court had said there was "no merit in charging interest on interest" for deferred loan payment instalments during the moratorium period announced in wake of the COVID-19 …

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31
4 years, 3 months ago

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31

News 18  

The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the COVID-19, sources said. It was only a temporary reprieve to borrowers affected by the pandemic, the sources said, adding that …

Discover Related