Granted by Reserve Bank of India for 6 months Loan The limits of the Loan Moratorium have been reached. Borrowers have to pay their EMIs from this month onwards as the loan moratorium facility expires on August 31. According to media reports, people can get relief from interest on interest during the time of loan moratorium. A committee has been constituted under the chairmanship of former controller and accountant Rajiv Maharshi. He can give some suggestions on this matter.
Compound interest may take a rock
According to a report, the committee, headed by Rajiv Maharshi, will also look into what kind of relief will not be a burden on the bank’s balance sheets or depositors. Because they also have to bear the loss due to the car epidemic. The Committee may grant relief to compliant borrowers on compound interest. This may include small borrowers. In addition the amount of relief can be determined. The committee will announce the idea on each of these options.
Formation of a committee of three members
The three-member committee was formed last week. The moratorium has been asked to suggest various aspects for interest waiver. The apex court had directed the government to clarify its stance on the matter. Only then did the government form the panel.
RBI is not in favor of interest waiver
RBI is not in favor of interest waiver. The central bank told the apex court that the financial sector, which was already reeling from the crisis, would suffer huge losses. Depositors will have to bear the loss in return. The government has endorsed the RBI’s stance. But the apex court has asked the finance ministry to set its own stance separately. Seeing this, a Maharshi panel was formed on September 10. He has been asked to submit his report within a week.
Will resume hearing petitions attached to the moratorium
Bankers, communicating to applicants The Supreme Court will resume hearing of petitions attached to the moratorium from September 28. The government may have to bear some or all of the burden of relief. This is because they have a stake in most government banks. In such a situation, it will also have to bear the burden of relief offered to customers by private banks and co-operative banks. Even in his case the debtors were prevented from paying the EMI. Sources said depositors like pensioners who depend on interest for their livelihood have also suffered the same loss from the epidemic. Their interests will also have to be looked at.
A burden of Rs 2.1 lakh crore on the banking system
Brokerage firm Macquarie estimates that the interest waiver will cost the banking system Rs 2.1 lakh crore. That’s about 15,000 because of the compound interest waiver there Crore rupees Will come. The Supreme Court has ordered that no loan of banks be declared as NPA till further notice.