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Willing to waive off interest on interest during moratorium: Centre to SC

Government says willing to bear costs on loans upto Rs 2 crore on a range of loans like education, housing, and auto, among others

October 05, 2020 / 03:53 PM IST

Bringing huge relief to individual and MSME borrowers, Centre told the Supreme Court that it would waive interest on the repayment of loans of up to Rs 2 crore.

The move will provide relief to individual borrowers and medium, small and micro enterprises (MSMEs) during the COVID-19 outbreak.

In an affidavit, the Centre said it will continue the "tradition of handholding the small borrowers" and has waived compound interest for the period for the most "vulnerable category of borrowers", legal news website LiveLaw reported.

Also read: Banking Central | An 'Aatmanirbhar' interest waiver solution on the cards?