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The central government is going to give huge relief to the borrowers in this corona period. The government will provide interest exemption on interest for loans up to two crore for six months. The government has said this in an affidavit given in the Supreme Court. The government said that due to the unprecedented situation of corona virus epidemic, the only solution the government has is to bear the burden of interest waiver on interest and provide relief to the borrowers. The government said it would seek parliament’s permission to take this decision.
The move will benefit thousands of small borrowers and will include those who have paid their dues. The finance ministry said in the affidavit that compound interest would be abolished for loans taken on various other functions including education, housing, credit-card dues.
Significantly, the Reserve Bank of India (RBI) extended the moratorium on term loans to 31 August on 22 May amid nationwide lockdown due to the Covid-19 epidemic. In March, the RBI granted a three-month extension from March 1 to May 31 on payment of EMI to all term loans.
The government said that if the fees are waived for all categories of loans, it will increase the burden of Rs 6 lakh crore on the banks. The government said, “If banks had to bear this burden, they would have lost a large part of their net worth and a very serious question mark would have arisen on their existence.”
Significantly, on September 28, the apex court adjourned the loan moratorium case till October 5, giving the Center, RBI and banks time to respond to the interest being waived on the interest charged during the moratorium period. .
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