Government should consider the relaxation of interest in the lock-down period

New Delhi: The Supreme Court on Thursday directed the central government to consider waiving the interest charged during the loan moratorium period. A bench headed by Justice Ashok Bhushan asked the Center to consult the Reserve Bank of India (RBI) and all concerned banks in this regard and also come up with concrete decisions on all the issues raised in the case of petitions filed before the court. Gave instructions.

Supreme Court
Photo Source: The Hindu

A bench headed by Justice Ashok Bhushan asked the Center to consult the Reserve Bank of India (RBI) and all concerned banks in this regard and also come up with concrete decisions on all the issues raised in the case of petitions filed before the court. Instructed! The apex court also indirectly extended the loan repayment moratorium to 28 September. 

The court had earlier on Thursday granted interim relief to the people in the loan moratorium case, stating that if the bank has not declared the bank loan account a non-performing amount (NPA) by August, it should not be declared NPA for the next two months. 

The petition filed in the case said that banks are levying interest along with EMI, which is illegal. Most of the EMI is of interest only and banks are charging interest on this, that is, interest is also being charged on the interest of Panipat-Khatima Marg Jam Center from 10 o'clock today. 

Raised some objections about and requested a two-week adjournment. Vishal Tiwari, one of the petitioners in the case, told the apex court today that his PIL has special requests for extension of the moratorium. 

He said that apart from large manufacturing sectors, individual borrowers and service sectors should also get relief from this.

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