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SC Hearing on Loan Moratorium Highlights | Asks banks not to declare accounts as NPAs till further orders

SC hearing on loan moratorium Highlights | Supreme court heard petitions seeking interest waiver on the six-month loan EMI moratorium that was allowed by the RBI.

September 04, 2020 / 07:38 PM IST

The Supreme Court (SC) on September 3 heard a batch of petitions seeking interest waiver on loan moratorium granted by Reserve Bank of India (RBI).

A bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah heard the petitions. The top court will continue the hearing on September 10.

Justice Bhushan observed that banks should not declare accounts as a non-performing assets (NPA) for two months and banks must not take coercive action against borrowers.

However, taking banks' submissions on record, it said "accounts not declared NPAs till August 31 not to be declared NPAs till further orders."