Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsBusiness

Interest waiver on loan moratorium case | Here's what has happened so far

The Supreme Court has not yet decided on the issue of interest waiver, and is inclined to pass an order against levy of interest on interest.

October 05, 2020 / 02:48 PM IST

The Supreme Court (SC) on September 10 heard a batch of petitions seeking interest waiver and an extension of the loan moratorium granted by the Reserve Bank of India (RBI).

The bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah will next hear the petitions on September 28, and said no further adjournment will be allowed.

The top court said it has not yet decided on the issue of interest waiver, and is inclined to pass an order against levy of interest on interest. Interim orders will be in effect till then.

On September 3, the SC said banks should not declare accounts as non-performing assets (NPAs) until further orders and banks must not take coercive action against borrowers.