Credit Moratorium SC Live Update: Full interest cannot be waived, Supreme Court says extension will not be allowed
In Simple Words Guys No Moratorium Extension which every common man was expecting and no waiver of interest on interest read the full story below and you can comment your views below
The Supreme Court, while announcing its decision in the appeal package related to the six-month loan waiver, said that it could not allow full interest waiver and extension of the ban.
The petitioners will not be eligible for interest waiver, extension of term or departmental relief.
There is no justification for waiving compound interest for loans up to Rs 2 crore. Regardless of the size of the loan, there will be no interest on interest or compensation if all borrowers impose restrictions. If any such amount is collected it will be refunded.
Judge MR Shah said: "We are considering relief independently. It is not possible to abolish full interest as banks have to pay interest to account holders and pensioners.
Whether an economic policy or monetary package will be decided by the Center and the Reserve Bank after detailed consultation.
From the various measures taken by the Center and the Reserve Bank, it cannot be said that the Center did not take action in the context of Government-19.
The courts are not executive advisors for economic policy matters. The epidemic has affected all areas and the government has been asked to take action such as providing transportation for migrants. Nothing has happened to the government.
Here's what happened before:
The ban is intended to provide relief to borrowers during the COVID-19 pandemic, allowing them to defer payments to EMI.
In September 2020, the Supreme Court ruled that non-performing accounts (NPAs) should not be classified as NPAs until further orders until 31 August.
In October 2020, the central government raised Rs. Announced that compounding interest would be waived while banning certain types of loans up to Rs 2 crore.
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