Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
Democracy that banks on the electorate
access_time 28 March 2024 5:34 AM GMT
Lessons to learn from Moscow terror attack
access_time 27 March 2024 6:10 AM GMT
Gaza
access_time 26 March 2024 4:34 AM GMT
The poison is not in words, but inside
access_time 25 March 2024 5:42 AM GMT
A witchhunt, plain and simple
access_time 23 March 2024 9:35 AM GMT
DEEP READ
Schools breeding hatred
access_time 14 Sep 2023 10:37 AM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
Ramadan: Its essence and lessons
access_time 13 March 2024 9:24 AM GMT
When ‘Jai Sree Ram’ becomes a death call
access_time 15 Feb 2024 9:54 AM GMT
exit_to_app
Homechevron_rightIndiachevron_rightImplement interest...

Implement interest waiver at the earliest; SC instructs Centre

text_fields
bookmark_border
Implement interest waiver at the earliest; SC instructs Centre
cancel

New Delhi: The Supreme Court on Wednesday instructed the Centre to implement waiver of compound interest accumulated during the moratorium on loans of up to 2 crores. Though the Centre requested a month to fulfil formalities, the court refused and listed the case for 2nd of November. A three-judge bench including Justices Ashok Bhushan, R Subhash Reddy & MR Shah heard the petitions for interest waiver.

"Our view is one month is not required to implement the decision… The delay is not in the interest of common man… It is a welcome decision to give relief to small people. But some concrete results are needed," said the bench. The waiver has been proposed for eight categories including MSME, education, housing, consumer durables, credit card, auto, personal and consumer loans.

The Solicitor General Tushar Mehta, appearing for the Centre and the RBI, informed the court of the Centre's decision that the compound interest would be waived, though it was a 'huge burden' in an affidavit filed two weeks ago. He also informed the court that it would not be possible to extend the moratorium or supplement existent relief packages.

The Reserve Bank of India had granted a moratorium on loans in March due to the Covid pandemic. This was done to provide borrowers with time to repay their debts and prevent the downgrade of accounts to non-performing assets (NPA). The moratorium was then extended to August 31st. In September, the Supreme Court first heard the bunch of petitions requesting for the waiver of interests for the 6 month moratorium period.

Though the advocates appearing for the petitioners requested for a statement from the court, it was refused and instead the matter was adjourned for the 2nd of November. "We will expect the implementation of the government's decision on interest waiver by then. We will review the implementation of the waiver," said the court.


(The story is translated by Anan Ashraf)

Show Full Article
TAGS:#SupremecourtBanksloan waivers
Next Story