Loan Moratorium: SC starts hearing petition of waiving off interest

New Delhi: Petitions are pending in the Supreme Court today on Thursday to pursue the loan moratorium granted by the Reserve Bank of India (RBI) during the corona virus lockdown and to give interest rebate. Solicitor General Tushar Mehta has appeared on behalf of the Central Government.

No relaxation on Interest:

During the hearing, Tushar Mehta said that the banking sector is the backbone of our economy, we cannot take any decision that can weaken the economy. He said that we have decided not to waive interest but the pressure of payment will be reduced.

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Non Payment EMI:

Let us know that the Supreme Court is hearing on the period of non-payment of EMI of the loan. On this, there is a demand from the petitioners that interest should not be charged on the exemption given to them for not paying EMI during the loan moratorium. In addition, the loan moratorium should be extended by 31 December.

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Let me tell you, earlier on September 2, Solicitor General Tushar Mehta in the Supreme Court had said that there are some options to bring the economy back on track. One of the ways is to waive interest. And the second is to take some major step so that the burden of loan repayment can be reduced.

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