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9:23 AM
Loan moratorium case: What Centre has proposed before SC
All lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020, the affidavit filed by the government said.
6:48 AM
Loan moratorium case: Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells SC
The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI's loan moratorium scheme.
The Ministry of Finance has said that after crediting this amount, the lending institutions would claim reimbursement from the Central government.
In an affidavit filed in the apex court, the government has said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the Covid-19 pandemic situation.
6:45 AM
Simply explained (Podcast): Loan moratorium interest waiver scheme for borrowers
Are you still confused with govt's loan moratorium interest waiver scheme and whether you are eligible for it or not? Click here to listen to the podcast, where in Business Standard's Sanjay Kumar Singh answers all your questions and explains in detail about the reimbursement plan
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First Published: Nov 02 2020 | 6:20 AM IST