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Loan Moratorium: Government Constituted A Panel To Look Into Interest Waiver
By: Tupaki Desk | 11 Sep 2020 8:51 AM GMT
The other day, the Supreme Court heard the plea on the loan moratorium and granted two weeks for the Centre and Reserve Bank of India(RBI) to file counter-affidavits. The case was adjourned to September 28th.
The Constitutional bench comprising Justices Ashok Bhushan, Subhash Reddy, and MR Shah made it clear that the case cannot be adjourned further.
Following this, the Finance Ministry has constituted an expert panel to study the impact of waiving the interests on the loan payments for the moratorium and come up with some measures that can result in relief for the loan borrowers.
The expert committee will be headed by former comptroller and auditor general Rajiv Mehrishi which will submit a detailed and comprehensive report within a week.
The expert panel comprises of former monetary policy committee member Ravindra H. Dholakia, and former managing director of State Bank of India (SBI) and IDBI Bank B. Sriram
The expert panel was given the power to consult the banks and stakeholders in this regard. The panel will receive the required support from the State Bank of India(SBI).
Earlier, the RBI told the court that the interest amount for the loans during the moratorium period cannot be waived and cited that banks will face severe problems with loan waiving.
The Constitutional bench comprising Justices Ashok Bhushan, Subhash Reddy, and MR Shah made it clear that the case cannot be adjourned further.
Following this, the Finance Ministry has constituted an expert panel to study the impact of waiving the interests on the loan payments for the moratorium and come up with some measures that can result in relief for the loan borrowers.
The expert committee will be headed by former comptroller and auditor general Rajiv Mehrishi which will submit a detailed and comprehensive report within a week.
The expert panel comprises of former monetary policy committee member Ravindra H. Dholakia, and former managing director of State Bank of India (SBI) and IDBI Bank B. Sriram
The expert panel was given the power to consult the banks and stakeholders in this regard. The panel will receive the required support from the State Bank of India(SBI).
Earlier, the RBI told the court that the interest amount for the loans during the moratorium period cannot be waived and cited that banks will face severe problems with loan waiving.
