The Supreme Court will hear the case again on September 10
Accounts not declared non performing assets (NPAs) till August 31 NOT to be declared NPAs till further order, the Supreme Court said on Thursday. The top court was hearing a batch of petitions seeking a waiver of interest on deferred EMIs during the moratorium period, which was introduced by the RBI in June to ease the burden on existing borrowers in wake of coronavirus pandemic-related restrictions. Banks should not take coercive action against borrowers; we have to protect them, the top court added.
The government told the Supreme Court that beneficiaries of the moratorium haven't turned NPAs on September 1. Solicitor General Tushar Mehta, representing the Centre and RBI, had earlier told the Supreme Court that the idea of moratorium was to defer payments due to lockdown and NOT to waive interest.
The Supreme Court will hear the case again on September 10.
