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On Thursday, the Supreme Court extended loan moratorium till 28th September while continuing the interim order that directs banks to not declare any loan as a non performing asset (NPA) on account of non-payment of instalments.
Earlier, the moratorium scheme introduced to help borrowers amid lockdown, ended on 31st August. As per the scheme, the borrowers were allowed to defer loan EMIs for a period of 6 months.
Though the top court has ordered banks to not consider any account as NPA, it has still not decided whether to charge interest on interest on loans during moratorium.
Now, SC has allowed two weeks time to RBI and other banks to find a plan to waive off the interest on interest during moratorium. It has told the government to consult with RBI and come up with a concrete decision on the raised issues.
“Where is the relief? Loans being restructured, that should have been done earlier” said a senior advocate Rajeev Dutta, representing a set of borrowers.
He added, “Lakhs of people are in hospitals for their sufferings, lots of people have lost their sources of income. Central government should make their stand clear, decide on relief on the issue of moratorium and waiving of interest on interest and others if it felt so”.
Whether banks should waive off interest on interest on accounts that opted for EMI moratorium or not, please feel free to comment below.
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