Supreme Court wants the government to give 'clear plan' on moratorium loan interest waiver by November 2 — 'Diwali is in your hands now'
Supreme Courthas asked the government to come back with a clear plan on how it plans to waive interest for loans below ₹2 crore.
- Next hearing for the
moratoriumcase scheduled for November 2.
- “Diwali is in your hands now,” Justice Shah told Solicitor General Tushar Mehta.
“Diwali is in your hands now,” Justice Shah told Solicitor General Tushar Mehta.
According to the three-judge bench — comprising of Justices Ashok Bhushan, Subash Reddy, and MR Shah — asserted that even though the government has said it will waive compound interest, there is no timeline in place and no plan of how it will be implemented.
Mehta responded that the
However, the bench argued that with the interest of the common man in play, banks cannot take so much time to provide relief and leave account holders in uncertainty. “Once the government has taken a decision, there is no need for delaying it any further,” said Justice Bushan.
In its affidavit filed two weeks ago, the central government asserted that it would waive compound interest during moratorium period of MSMEs and personal loans up to ₹2 crore.
The RBI has also issued a one-time restructuring scheme for ‘ stable’ loans — loans which have not defaulted as of March 1 — where the repayment tenure, amount, and other terms can be augmented.
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