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Budget 2021

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Budget 2021

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December 03, 2020 / 03:53 PM IST

SC Hearing on Loan Moratorium Highlights: Hearing of petitions seeking interest waiver to resume on Dec 8

SC on Loan Moratorium Highlights: The bench comprising of Justices Ashok Bhushan, R Subhash Reddy and MR Shah will today resume hearing the case.

SC Hearing on Loan Moratorium Highlights: The RBI had in March announced a moratorium on repayment of term deposits, in a move intended to provide borrowers relief during the COVID-19 pandemic.
  • December 03, 2020 / 03:07 PM IST

    SC Hearing on Loan Moratorium LIVE Updates: Hearing of petitions seeking interest waiver to resume on Dec 8. (Input from LiveLaw)

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  • December 03, 2020 / 12:32 PM IST

    SC Hearing on Loan Moratorium LIVE Updates: On Wednesday Senior advocate Kapil Sibal, appearing for CREDAI HR, said the "state of the economy states that there will be havoc by December 10, RBI is saying that the borrower & lender will decide among themselves. Their (Union) position today is that your lordships have no jurisdiction to go into this." (Input from LiveLaw)

  • December 03, 2020 / 11:39 AM IST

    SC Hearing on Loan Moratorium LIVE Updates: The SC led by Justice Ashok Bhushan said it will hear Solicitor General Tushar Mehta today, legal news website LiveLaw reported.

  • December 03, 2020 / 11:28 AM IST

    SC Hearing on Loan Moratorium LIVE Updates: India must not neglect bank recap despite pandemic, says former RBI deputy governor Viral Acharya

    India is neglecting bank recapitalisation as it focuses on debt moratoriums and interest waivers for borrowers amid the COVID-19 pandemic, a former central bank official told Reuters in October.

    Indian banks are saddled with over $120 billion in bad debt, and in severely stressed conditions the bad-loan ratio could nearly double by March, according to Reserve Bank of India projections.

    Read the full story 

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  • December 03, 2020 / 11:22 AM IST

    SC Hearing on Loan Moratorium LIVE Updates: Banks seek extension of loan recast window till March 31: Report

    Banks have requested an extension of restructuring window outlined by the KV Kamath committee, to March 31, 2021.

    The Indian Banks' Association (IBA) has asked the Reserve Bank of India (RBI) to keep the loan recast window open after the current expiry on December 31, The Economic Times reported.

    Read the full story

  • December 03, 2020 / 10:10 AM IST

    SC Hearing on Loan Moratorium LIVE Updates: Very few borrowers seek loan restructuring, big fear of NPAs unfounded, says SBI report

    Very few of the borrowers have till date applied for restructuring and incrementally such borrowers are likely to be much lower, SBI said in a report on Wednesday.

    “This is a notable climb-down from the base case scenario and it is largely a part of the humongous efforts of the banks to redesign the banker and corporate relationship since the unveiling of AQR,” the report said.

    Subsequently, the big fear of large slippage in asset quality of banks is unfounded with Indian banks guiding at much lower credit cost than even their Asian counterparts, the report said.

    Read the full story

  • December 03, 2020 / 08:49 AM IST

    SC Hearing on Loan Moratorium LIVE Updates: Here's what happened so far: 

    > The SC had on September 3 instructed banks not to declare accounts as non-performing assets (NPAs) until further orders.

    > The SC on November 19 disposed off petitions in which the petitioners are satisfied with compound interest waiver.

    > The SC has previously said there is "no merit in charging interest on interest".

    > The RBI had on June 4 said lenders will lose Rs 2 lakh crore if interest is waived completely during the moratorium period.

  • December 03, 2020 / 08:35 AM IST

    SC on Loan Moratorium LIVE Updates: The Reserve Bank of India (RBI) had in March 2020 announced a moratorium on repayment of term deposits for three months, which was later extended till August 31. The move was intended to provide borrowers relief during the COVID-19 pandemic.

    Since then, petitions have been filed in the Supreme Court seeking complete interest waiver during the six-month period of March 1 to August 31. 

    In October, The Centre agreed to waive compound interest on the repayment of loans of up to Rs 2 crore in some categories, a move that would provide relief to individual and MSME borrowers.

    Read more the compound interest waiver

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  • December 03, 2020 / 08:26 AM IST

    Good morning! The Supreme Court will today resume hearing petitions seeking interest waiver during the six-month loan moratorium period.

    Stay tuned to this blog for LIVE updates.

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