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Nov 05, 2020 01:09 PM IST | Source: Moneycontrol.com
SC Hearing on Loan Moratorium Highlights: Hearing of interest waiver case adjourned to Nov 18
SC Hearing on Loan Moratorium LIVE Updates: A bench led led by Justice Ashok Bhushan will today resume hearing please seeking complete waiver of interest during the moratorium period.
The Reserve Bank of India (RBI) had granted a six-month loan moratorium, letting borrowers defer payments on loans and EMIs during the COVID-19 pandemic. The central government has agreed to waive compound interest on MSME loans and some individual loans of up to Rs 2 crore. The RBI filed an affidavit in the Supreme Court (SC) stating that banks and non-banking finance companies (NBFCs) have to repay the 'interest on interest' amount collected on loans up to Rs 2 crore during the loan moratorium period by November 5.
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Hearing adjourned to November 18
Banks to credit 'interest on interest' repayments by November 5, RBI tells SC
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SC Hearing on Loan Moratorium LIVE Updates: The RBI pleaded to lift the stay on classification of accounts as NPA. (Inputs from CNBC-TV18).
SC Hearing on Loan Moratorium LIVE Updates: The hearing has been adjourned to November 18, possibly because Solicitor General Tushar Mehta was unavailable.
SC Hearing on Loan Moratorium LIVE Updates: Extremely grateful to the Govt, RBI for waiver of interest on interest, petitioner tells SC (Inputs from CNBC-TV18)
JUST IN | Hearing begins, CNBC-TV18 reports
Deadline for lenders to credit interest-on-interest in borrower accounts ends tomorrow: 10 key questions answered
Lenders are not sure how to treat certain categories of loans for compound interest payment. Secondly, there is no clarity on what happens if the lenders’ claim gets rejected by the government
SC Hearing on Loan Moratorium LIVE Updates: Going any further from relief announced would be detrimental to economy, Centre tells SC
The Centre on October 10 told the Supreme Court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for six months moratorium period, may be "detrimental" to the overall economic scenario, the national economy and banks may not take "inevitable financial constraints". (Inputs from PTI)
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RBI Moratorium Interest-waiver issue: A face-saver solution emerges finally. Here's an explainer
The prolonged uncertainty and confusion on the interest-waiver issue has come to an end with the Centre agreeing to compensate banks and the RBI notifying the scheme.
SC on Loan Moratorium LIVE updates: Banks to credit 'interest on interest' repayments by November 5, RBI tells SC
The Reserve Bank of India (RBI) filed an affidavit in the Supreme Court (SC) stating that banks and non-banking finance companies (NBFC) have to repay the 'interest on interest' amount collected on loans up to Rs 2 crore during the loan moratorium period by November 5.
Read the full story
SC Hearing on Loan Moratorium LIVE Updates: The central government in October agreed to waive compound interest on MSME loans and some individual loans of up to Rs 2 crore. This provided much needed relief to a section of borrowers, amid the COVID-19 pandemic.
The waiver of "interest on interest" is applicable during the moratorium period of March 1-August 31, 2020.
Read more about the compound interest waiver